Here's all you need to know...
What's his background?
Petrie trained as a chartered accountant with Ernst & Young, and moved onto audit partner in nearly 15 years with the firm. He then took the managing director role with investment bank Quayle Munro, a position he held for more than six years.
He worked as an advisor to Tom Farmer during his takeover of Hibs in 1991, before joining the Easter Road board five years later. He was named the club's managing director in 1997.
He had a hand in the creation of the Scottish Premier League (SPL) and has also fulfilled the role of Hibs chief executive and played a key role in selecting managers. He stayed on as chairman when Leeann Dempster was appointed.
Will he still be employed at Hibs?
Yes. The SFA president has to be attached to a club - Alan McRae's affiliated club was Cove Rangers - so Petrie will still hold onto his role as chairman of the Easter Road side.
Can he leave his role at Hibs?
Yes. The SFA's Articles of Association stipulate that: "An Office-Bearer, for the period of his term of office as an Office-Bearer, shall be entitled, at any time during the period of his term of office as an Office-Bearer, to renounce all connections with the club on whose Official Return he is specified, subject to prior written intimation to the Board."
What will he be doing in the new role?
As vice-president of Scottish football's governing body, Petrie is involved in the selection of managers, as well as sitting on the Non-Professional Game Board and chairing the Professional Game Board.
He will likely maintain his positions on the Game Boards in his new role.
As president he will head up the eight-man board, as well as representing the SFA at UEFA and FIFA meetings. He will also play a key role in the recruitment process if chief executive Ian Maxwell, or national team boss Steve Clarke, leave their posts during his tenure.
Petrie will also chair the organisation's annual general meeting and will hold a casting, as well as deliberative, vote.
Also included among his duties will be participating in Congress meetings three times a season to, among other tasks, provide a debating forum for key issues for the Scottish game and review areas of concern.
Who will be his vice-president?
Mike Mulraney, current chairman of Alloa Athletic, will succeed Petrie as the vice-president. Mulraney is one of the eight board members and currently sits on the Professional Game Board as well.
Have any other people associated with Hibs held the SFA presidency before?
Yes - two. Harry Swann was SFA president from 1952 to 1956, and was viewed as something of a visionary and moderniser. He played a key role in persuading the SFA and Scottish League to embrace European club competitions - with Hibs becoming the first British club to enter continental competition when they participated in the 1955/56 European Cup.
Tommy Younger, who had spells as a goalkeeper with Hibs, Liverpool and Scotland, was appointed to the role in 1983 while serving as an Easter Road director. However, his presidency was cut short when he died in January 1984 after being admnitted to hospital with a virus complaint after returning from a holiday.