Fagan spent 40 years with the province's telephone company, starting as a lineman and rising through the ranks to become Bell Aliant's CEO before retiring in 2008.
He has also worked as a volunteer and served on the boards of several charitable foundations. He is a member of the Order of Canada.
Fagan will take over the position from John Crosbie, who has been the Queen's representative in the province since February 2008.
Crosbie's term expired this month, but he agreed to stay on until his successor was named.