Events co-ordinator Alec Wheeler will take up the director position early next year, while Malcolm Farry has been appointed the new trust chairman.
They replace Nicholas McBryde and Paul Dallimore, who were the founding director and chairman when the festival debuted, in 2000.
Ms Wheeler will move to Dunedin in March and work for a six-week transition period with Mr McBryde.
The 2010 festival had "broken all records", Mr McBryde said yesterday.
"The audience and box-office receipts for this festival were higher than they've ever been before. There was $500,000 taken through TicketDirect over the 10 days of the festival, which is quite remarkable for a city the size of Dunedin.
"We're usually around the $20,000 [profit] mark, which is not bad for a non-profit organisation, but this one will be way ahead of that. It's a lovely way to go out," he said.
"Alec will be able to come down to a festival in really good heart and with money in the bank."
Ms Wheeler has been working in Wellington as the Young and Hungry Arts Trust programme and partnerships manager.
The theatre organisation provides mentoring, skills development and professional work opportunities for emerging practitioners.
She previously worked as Hutt City Council major events co-ordinator.
In her native Canada, Ms Wheeler ran a summer arts festival in Victoria, "Showcase in the Square", which featured international music and dance acts, live theatre, outdoor movie nights and an artisan market.
She is also a professionally trained actor and singer, having attended the American Musical and Dramatic Academy integrated theatre programme in New York.
Newly appointed festival trust chairman Malcolm Farry said there was much interest in the position.
"We processed many applications from all over the world for Nicholas' replacement, narrowing our selection down to four very strong contenders," he said.
"Alec displays tenacity, charm and candour and has a voracious appetite for challenge. The selection panel and I are delighted that Alec has agreed to take on this role of leading the festival into our second decade."
Retiring festival trust chairman Paul Dallimore said the appointment was "a great outcome".
"We all look forward to a smooth succession and the continued success of what is undoubtedly a great arts event."
