LOS ANGELES, Aug. 13 (Xinhua) -- Sid Ganis was again re-elected president of the Academy of Motion Picture Arts and Sciences, which hands out the annual Oscar awards, officials said Wednesday. The academy's Board of Governors re-elected Ganis to a fourth consecutive one-year term during its meeting Tuesday night.

Caption Academy of Motion Picture Arts and Sciences president Sid Ganis waves with film students who participated in the "Parade of the Oscars" during preparations for the 80th annual Academy Awards in Hollywood February 23, 2008.

"It's such a privilege to serve as president of this academy," Ganis said in a statement. "It's a dynamic time for our organization and our art form. I'm incredibly proud to be part of it." New term will be Ganis' last consecutive cycle as president, as there is a maximum of four terms for any one office. Academy board members serve three-year terms, while officers serve one year.

Prior to founding Out of the Blue Entertainment in 1996, Ganis held various positions at Sony Pictures, including vice chairman at Columbia Pictures and president of worldwide marketing for Columbia/Tri-Star Motion Picture Companies. Earlier he was a senior vice president with Lucas film Ltd.

Meanwhile, Robert Rehme, an executives branch governor and past academy president, was re-elected first vice president, according to the academy.