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Nigel Shaw will become cabinet member for financial management and ICT from April 1, which will include taking the lead responsibility for financial planning and management.
The Bromyard Bringsty ward councillor is currently the support member for corporate strategy and finance, for which he is paid an extra £5,875 on top of his basic allowance of £7,327.
In his new role, his special responsibility allowance will be £11,987, on top of a basic allowance of £7,400.
Leader of Herefordshire Council, Tony Johnson, said: "Herefordshire Council has maintained core service delivery and continued to deliver a balanced budget despite making £70m in savings since 2010.
"The challenges are set to continue and the additional focus that Councillor Shaw will bring to this through the new portfolio will ensure our plans to meet those challenges are robust and deliverable.
"I would like to welcome Nigel to our cabinet team and look forward to the strong leadership in financial management and ICT that he will provide."
There are no other changes in the cabinet line-up.
Cllr Shaw said: "In these challenging financial times, it is more important than ever that the council secures the best value for money when delivering statutory services which enable residents to live safe, healthy and independent lives. My cabinet responsibilities will ensure Herefordshire Council meets these priorities and within budget."