The Chilean Olympic Committee (COC) President won a thrilling three-way contest by a single second round vote over Dominican Republic's José Joaquín Puello after first winning a runoff to reach that stage against Brazil's Carlos Nuzman.

Virtually his first act as President was to appoint Mexican running mate Ivar Sisniega as his secretary general and St Lucia's International Olympic Committee (IOC) member Richard Peterkin as treasurer.

Sisniega, an International Modern Pentathlon Union vice-president until this year, will replace compatriot Jimena Saldana while Peterkin comes in for Ecuador's Danilo Carrera.

Peterkin had initially stood for the Presidency before withdrawing from the race.

"Ivar has been a key member of my team since the very first day and will be a very good choice as secretary general," Ilic told insidethegames afterwards.

"Our number one priority is the Pan American Games in Lima.

"We have to be clear and close to the Organising Committee as we only have two years left.

"This is the most important point towards we have to work and we have to discuss this at the Executive Committee meeting today.

Ilic claimed that it was "incredible" to be elected President and believes it is "time for change."

"I am ready to do my best and to do a very good job," Ilic added.

For the time being, he will continue as President of the COC although he does not think balancing the two roles is desirable.

Both Nuzman and Puello downplayed their disappointment when speaking to insidethegames afterwards.  

"In elections and in sport you win and you lose," said Nuzman.

"I think when I got to host the Olympic Games it was the top of the tree, but I had also lost two elections before then.

"This happens, it is life."

The RIo 2016 President did not commit, however, to continuing his involvement with PASO or as President of the South American Sports Organization.

"This is another thing to discuss," he said.

Puello, on the other hand, vowed to stay involved.

He speculated that many delegates had promised him support but not ultimately voted for him.

"But I am very relaxed [about this defeat]," he said.

"I am a doctor and I am therefore used to life and death situations."

IOC President Thomas Bach was among those to praise the outcome of the elections.

"If I may offer a word of advice, it is that you must now unite and work together," he said.

Outgoing President Julio Maglione also praised Ilic.

He will now take up the newly-created Honorary Presidential position.

"I think the election was excellent," Maglione told insidethegames.

"It was fair, democratic - very long - but necessary according to our new constitution and rules.

"I think the three candidates were excellent and I have never seen such a close election before.

"Neven is a very good choice."

The Uruguayan added that he is "very proud" of the work achieved over the last two years to approve new statutes and pave the ground for today's election.

Addressing concerns surrounding Pan American Games preparations is now key, he said.