Sherak had a long career at 20th Century Fox and then Revolution Studios. Sherak joined the executives branch of the Academy in 1983. He served three terms on the Board of Governors, from August 2003 through July 2012, the last three as president.
Sherak died on Tuesday at his home in Calabasas, California. He was "surrounded by his family giving him hugs, kisses, and love," his family said in a statement.
"Tom lived his life as an open book. He opened his heart and let the world in, and anyone who was lucky enough to know him knew first hand the power of his love. He gave everything he had to help others, regardless of whether or not he knew them," the family said in its statement.
"In the more than 30 years I've known Tom, his passionate support of and excitement about the motion picture business, the Academy, his family and friends never wavered. He was truly larger than life, and he will be missed," said Cheryl Boone Isaacs, Academy President.