Ed Holder was voted in as London's 64th mayor on Tuesday in a historic vote that saw the city use the first ranked ballot in modern Canadian history.

"I'm so proud to be mayor-elect for this great city," he said at a Tuesday news conference. "I look forward to the next four years so we can work together and build on what is a great city and make it stronger in so many ways."

Born in 1954 in Toronto and a graduate of the University of Western Ontario with a degree in philosophy, Holder has lived in London for three decades.

He worked in the insurance business and was the founder of Ontario West Insurance in 1981. He oversaw the company's growth until part of Ontario West Insurance was sold off in 1990. Holder took the remaining holdings and merged with Stevenson and Hunt Insurance Brokers, where Holder served as president from 1991 to 2008.

Married to an entrepreneur

Holder is married to his entrepreneur wife, Judite Holder, the owner of RazzleDazzle Cupcakes, which with 52 reviews, has a 4.7-star review on Google.

At Tuesday's news conference, following his confirmation as mayor-elect, Holder spoke about his wife to reporters.

"My wife is my rock and has been there through five elections, not always like this where we're smiling and able to share a positive message" he said, before turning to his wife.

"I'll tell you, to you Judite, personally, my heartfelt love and sincerest thanks for how you've kept our family so solid."

Entered politics in 2008

Ed Holder spent seven years as a federal Conservative Member of Parliament. The Canadian Taxpayers Federation says because of that, he will earn an annual pension of $36K on top of his $108K salary as London mayor. (Colin Butler/CBC News)

Ed Holder left the insurance business in 2008, when he made a run for office under the mantel of the federal Conservative party, winning the seat for London West.

He subsequently held onto the seat for seven years and served in cabinet as the Minister of State (Science and Technology).

Holder was defeated by the Liberal candidate, former London television news anchor Kate Young, who is still the current MP for the riding.

According to the Canadian Taxpayers Federation, Ed Holder was entitled to $36,314 in annual pension in 2015 when he left office.

Mayor's salary controversy

Ed Holder speaks to reporters outside the main branch of the London Library in the city's downtown, just hours after he was declared the winner of the country's first ranked ballot vote for mayor. (Colin Butler/CBC News)

Last year, the Mayor of London took a salary of about $106,030, but Holder's pay will be a little different.

When the tax break is removed on January 1, 2019, the mayor's net pay would fall by nearly 20 per cent to $68,335.

Council's Corporate Services committee has recommended the mayor's pay be boosted by nearly $32,000 next year in order to make up for the end of a federal tax break.

While some councillors support giving the mayor a pay raise, others think the community should be consulted first.

During the campaign Holder himself was asked about the controversy.

"Transparency is the most important thing. Rather than hiding behind tax exemptions, a dollar is a dollar," he said at the time, noting that he thinks an independent qualified third party should look at the mayor's pay.