The 60-year-old Isaac, a former New Zealand Cricket chief, became the eighth president of the ICC, while former South Africa wicket-kepeer David Richardson was confirmed as the new chief executive of the world body, taking over from countryman Haroon Lorgat.
Issac will be the last to hold the post in its current shape as it will become a ceremonial role once he steps down in 2014. Over the past two years, Isaac has been the ICC's vice-president, a position that the body plans to abolish by amending the constitution. The amendment envisages the appointment of a chairman, who will hold office for two years, as the head of the ICC.
"When I look at the list of previous presidents, I am reminded of the importance of this office. In the midst of my pride at being chosen as president, I recognise that there is, of course, much hard work and much progress needed if we are to maintain the game's current healthy state," Isaac said.
"I believe that the challenges ahead are no less daunting than those we have faced in the last two years if we are to maintain the vibrancy and viability of the three formats of the sport. We are fortunate as a sport -- indeed unique -- to have three different formats at international level.
"We will all strive not only to preserve those formats but to build on their foundations. In that way the ICC will continue to oversee a great sport and we will all work to make it even greater. I look forward to serving the game with honesty and integrity and to the best of my ability. I look forward to handing on the guardianship of the sport with the game enjoying even greater health," he said.