Prime Minister Stephen Harper announced Tuesday that Frank Fagan will be the Queen's representative in the province.
The former telecom executive spent about four decades with the province's telecommunications firm, eventually being named as CEO of Bell Aliant.
He retired in 2008.
News releases from the prime minister's office and the province say Fagan has also done work for charities such as Junior Achievement Newfoundland and Labrador and the Health Care Foundation of St. John's.
Premier Kathy Dunderdale praised outgoing Lt.-Gov. John Crosbie, saying the former federal cabinet minister will be remembered for his "passion, his great spirit."