Taylor said she was "just delighted" to have the opportunity.
"Ports are incredibly busy, vibrant places. This one is a really interesting port because it essentially does everything. It's a very successful operation."
Regional councillor Michael Laws criticised the lack of women on the six-person board early last year.
Taylor said this was a criticism which could be levelled at a lot of boards.
"Diversity and inclusion can obviously add real value to a board.
"If I'm in a chair role I just want to get the best person, although that can mean taking people with different backgrounds and skills into account."
Council chairman Stephen Woodhead said the council was seeking someone with financial, commercial and audit and risk skills.
Taylor had "extensive governance experience".
Port Otago chairman David Faulkner said Taylor brought extensive experience with a number of "diverse and significant New Zealand companies".
Laws last year called the board an "old boys club".
If anyone thought one woman appointed would solve that "they should think again", he said.
Port Otago's precursor, the Otago Harbour Board, was established on June 30, 1874.