The organization's board of governors elected Cheryl Boone Isaacs to the position Tuesday evening.
She is the first woman to hold the post in three decades and the first African-American president in the academy's history.
Boone Isaacs was elected to a one-year term but is eligible to serve four successive terms. She succeeds Hawk Koch, who served for one year but was ineligible for re-election.
Boone Isaacs previously served as first vice-president of the film academy, which announced its new president via Twitter.