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Sherak succeeds Sid Ganis who has served the maximum number of consecutive one-year terms.
Sherak is a consultant with Marvel Studios. He was previously a partner at Revolution Studios where he oversaw the release of more than 40 films, including "Black Hawk Down," "Anger Management", "Rent" and "Across the Universe."
Sherak also held a series of executive positions at Twentieth Century Fox, where he was chairman of its Domestic Film Group, and senior executive vice president of Fox Filmed Entertainment.
Oscar winning actor Tom Hanks was elected as the Academy's first vice president.
City News Service Contributed to the story.