South Africa Football Association (Safa) president Kirsten Nematandani confirmed on Thursday Petersen was appointed chief executive officer of the federation's new development agency, which would implement a Safa technical plan.
He had been replaced in his previous role by Safa chief operating officer Dennis Mumble, who would serve as acting chief executive.
"Safa's business turnaround strategy is now well in hand, having been approved at the Safa AGM in September," Nematandani said.
"Under Dr Petersen's direction, I can confirm that Safa is back on track to deliver on its mandate."
Nematandani said it had been a tough journey and not without its fair share of stress and controversy.
The vital remaining part of the Safa plan was now to ensure success on the pitch on an ongoing basis, he said.
Nematandani believed the development agency would help Bafana Bafana perform consistently at the highest level of the game.
The national team was currently ranked a lowly 84th in the world, and 21st in Africa.
"The country's vehicle to implement the Safa technical master plan will ensure that South Africa achieves its vision to be consistently in the top three in African football and in the top 20 in the world by 2022," he said.
The future of SA football
Petersen hoped to make valuable contributions to the future of South African football.
"It has been an incredible journey getting Safa back into match fitness," Petersen said.
"But now I feel that it is right that I dedicate the next phase of my career to creating a lasting legacy in the form of the development agency and the implementation of the technical plan." – Sapa