Korda had been acting as co-president with fellow director Peter Murphy since McGuire resigned on February 9.

"I take on this role with the strong belief that we have ... a wonderful legacy, a strength and spirit with which we must seek to do and be better," Korda said in a statement on Wednesday night.

"We have challenges but great people and passion to meet them."

McGuire quit the presidency, which he held since 1998, after a report titled Do Better, into claims of racism at the club from ex-players including Heritier Lumbumba.

The report highlighted systemic problems with the club's processes in reacting to incidents of racism.

McGuire was under intense pressure to quit when the report was leaked to the media on February 1.

The high-profile commentator and television identity initially refused to step down.

An open letter calling on the club to sack McGuire circulated, signed by senior Indigenous figures among others.

McGuire, who had been due to relinquish the presidency at the end of this year, initially claimed the report's release was "a proud day" for the Magpies.

The 56-year-old later conceded his wording was inappropriate but was defiant to the end, praising Collingwood's support for Indigenous Australians and emphasising the report reflected the club's commitment to improving.

"This is why I say we are not a racist club. Far from it," McGuire said when resigning on February 9.

"The report says, 'That the Collingwood Football Club commissioned an independent review of its process of dealing with racism reflects the realisation within the club that something fundamental needs to change.

"It needs to be noted and underlined that in undertaking this review, the club was unflinching in holding a mirror to itself.

"It was a brave first step that few would have the courage to take and shows the seriousness with which the club takes this issue'."

Australian Associated Press