Penko, a 26-year veteran of the force, will replace current Chief Tim Shelby when he leaves the post later this year.
During his tenure at the Police Department, Penko has served as a traffic officer, detective, public education officer, special services and investigations sergeant and lieutenant, and patrol watch commander. He has been deputy chief since 2008.
Penko received a bachelor's degree in biological and cognitive psychology and a master's degree in human resource management.
City Manager Fred Meurer named Penko as the next chief of police this morning.
"Phil Penko has demonstrated his commitment to serving our community throughout his career," Meurer said in a statement. "He is well-known and highly respected in the local community and in law enforcement."