Hartlepool businessman James Atkinson has been appointed as chairman of the HMS Trincomalee Trust after Col Michael Stewart stepped down from the role.
Mr Atkinson, who ran a local builders' merchant's for more than 50 years, said he wanted to build on the successful development of the trust.
He said that more live re-enactments and historical filming of the ship were the key to getting more people through the gates at the marina-based attraction.
"All the experience is here and it is a matter of carrying on with what has been going on in the past," he said.
"The ship is an international symbol now and we get people from all over the world.
"There are lots of towns with marinas but nowhere has got a Trincomalee."
Mr Atkinson said that more exciting features would hopefully attract more visitors to help solve the trust's financial difficulties.
Earlier this year, general manager of HMS Trincomalee Bryn Hughes announced that a strip of land near the attraction would be sold off to raise money.
Mr Hughes said that he was hopeful that a buyer would be in place by the end of the year.
"The sale is crucial to the strategy for the trust, to help stabilise our finances for the future," he said.
"We have got the ship now and the challenge is maintaining it and presenting it to the public in different ways."
Outgoing chairman Col Stewart said: "I have seen tremendous progress in my years here, particularly towards the end of the restoration work.
"Looking back, my main recollection has been the excellent staff we have had here.
"They are incredibly devoted to the trust."