Lucas, who privately built the the legendary San Francisco studio in 1971, said Kennedy is someone equipped to carry his vision into the future, reported Ace Showbiz.
"I've spent my life building Lucasfilm, and as I shift my focus into other directions I wanted to make sure it was in the hands of someone equipped to carry my vision into the future. It was important that my successor not only be someone with great creative passion and proven leadership abilities, but also someone who loves movies," he said.
Lucas' fellow filmmaker, Steven Spielberg, added, "Kathy has been a member of both of our families going into a fourth decade so it does not feel like she is going to another galaxy far, far away. She will get just as much support from me with Lucasfilm as George has given both of us all these years."
Kennedy herself, meanwhile, has planned to step down from her role at the Kennedy-Marshall Company.
The seven-time Oscar nominee said that she has no hesitation to take up the duty in Lucasfilm.
"I thought it was an incredible opportunity for George to ask me to step into what has become such an incredible legacy that he has created over the years," she said.
Lucasfilm currently does not have any new live-action feature film in development. It recently gave 3D treatment to the five "Star Wars" films. It also works on the "Star Wars Detours" TV series and an untitled animated film.
As for Kennedy, the 58-year-old producer is known for her works in such movie series as the "Indiana Jones", "Jurassic Park" and "Bourne" series.
She recently produced Spielberg's "War Horse" and "The Adventures of Tintin: The Secret of the Unicorn", and will team up with him once again in biopic "Lincoln".
