In charge of County Hall's finances is independent Cllr Chris Jarman, who represents Totland and Colwell.
He replaces retiring Conservative Stuart Hutchinson as the councillor with purse strings - taking on the corporate resources portfolio.
Mr Hutchinson was among seven names who did not stand for re-election on May 6.
Cllr Jarman, who is a magistrate and Wessex Cancer Trust volunteer, spoke to the County Press earlier this month and said he was 'honoured to have been chosen to serve my community'.
He said: "I have been involved in local charity and other well-being programmes since moving with my family permanently to the Isle of Wight 16 years ago.
"I have worked with many local groups and over time have realised there is only so much one can achieve from outside of the decision making framework.
"The retirement of our long standing councillor John Howe, a close friend, provided both the opportunity and incentive to take this substantial step."
Now, Cllr Jarman finds himself in a critical cabinet role - with the task of overseeing the authority's mutli-million pound finances and an ever-stretched budget.
He said getting familiar with the systems was his first task as portfolio holder.
He told the County Press: "My lifetime in innovation, technology and managing businesses provides only a few of the necessary building blocks for my role.
"The Isle of Wight Council is a large complex body with established procedures.
"Forming relationships with other councillors and with council officers will be essential to achieving the best results."
Part of Team Alliance, Cllr Jarman will need to put those skills into action, as the group includes an array of independents and political party members.
Appointing him, at Wednesday night's meeting at Medina Leisure Centre, new council leader Cllr Lora Peacey-Wilcox said: "It is almost impossible to replace Cllr Hutchinson, the money man.
"However, I am extraordinarily fortunate to have Cllr Chris Jarman who fits the bill perfectly."
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