Pilling, who will be based in Hong Kong, was previously the Tokyo bureau chief, and has served as both pharmaceuticals correspondent and deputy features editor in London.
In his new role Pilling will oversee the development of the FT's Asia edition, strengthening both its print and online presence. He will also oversee the editorial operation in Hong Kong.
Pilling's principal role will be to write a weekly column on the op-ed page as well as in-depth features on economic and political developments in the region, with special attention to China, India and Japan.
Pilling succeeds Mallet, who is moving to Spain to become the Madrid bureau chief after two years in Hong Kong.
Lionel Barber, editor of the Financial Times, said: "David is one of the FT's most experienced correspondents, having worked in Latin America and Japan, where his coverage has won widespread acclaim.
"I would like to thank Victor for his role both as a correspondent and editor in helping to make the FT a must-read among decision makers in Asia. David will be a worthy successor."
Separately, James Lamont, currently the world news editor for the FT, is moving to New Delhi to take up the post of South Asia bureau chief. He is replacing Jo Johnson, who is moving to London to edit the Lex column.
Alec Russell will take up the post as world news editor, based in London. Russell has been the Johannesburg bureau chief since 2006 and before that he spent three years as the Daily Telegraph's Washington bureau chief.
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