Howard Quayle says it is a "great honour" to have been named Chief Minister of the Isle of Man.
The MHK for Middle - who is starting his second term in the House of Keys - secured a majority in a Tynwald vote yesterday to be elected to the role.
After being formally appointed by the Island's Lieutenant Governor, Mr Quayle said he was grateful for the support from Tynwald and that he hopes to build a sustainable future for the Island.
Mr Quayle is expected to name his Council of Ministers later this week.
Ayre and Michael MHK Alf Cannan and Liberal Vannin leader Kate Beecroft also contested the election.