Rejoice: Film academy elects first African-American president!

The Academy of Motion Picture Arts and Sciences (AMPAS), the group which awards the Oscars each year, has elected its first African-American president.

Cheryl Boone Isaacs was elected by the board of governors to lead the Academy on Tuesday night, The Hollywood Reporter said.

Boone Isaacs, a veteran marketing executive who currently heads CBI Enterprises, is only the third woman to lead the 86-year-old Academy. The first two female presidents were actress Bette Davis and screenwriter Fay Kanin.

Boone Isaacs has previously served as president of theatrical marketing for New Line Cinema and executive vice president of worldwide publicity at Paramount Pictures. Earlier this year, she produced the 4th annual Governors Awards for the Academy.

Boone Isaacs will replace Hawk Koch, a producer who left the board because of term limits. According to Entertainment Weekly, one of her first jobs will be to select a host for the March 2 Oscar telecast.

The Academy has traditionally been overwhelmingly white and male. A study by the Los Angeles Times in 2012 found that Oscar voters were nearly 94 percent Caucasian and 77 percent male. In the past year, the organization has been expanding to include more women and film professionals from various backgrounds. Current membership now stands at 6,000.