FIFE Council will be run as a joint partnership with power to be shared equally between the SNP and Labour.
Councillors David Alexander and David Ross will share leadership of the council after making an agreement to provide the best possible service for the people of Fife.
David Alexander, SNP Fife leader, and new Co-Leader of Fife Council, said: "With neither party having a clear mandate from the people of Fife to lead the council, it is only right that the two main parties come together in a spirit of collaboration and co-operation to run Fife Council. This is a unique opportunity to take Fife forward in a united and constructive manner."
His Co-Leader David Ross said: "We recognise that people in Fife have high expectations for the Kingdom and the two groups have agreed to work together to meet those expectations."
The parties have now signed a Power Sharing Agreement which lays out their shared aspirations and expectations, while acknowledging that they share very different views on Scottish Independence and the Union.
Cllr Alexander continued: "We have very opposing views on some key issues for Scotland but we are prepared to work together to get the best for Fife. Both parties have conceded things to get here. However, what some people may not understand is that many local politicians have, certainly in my case, known each other for decades and have good personal relationships. We need to use and build on those personal relationships in order to put the interests of Fifers first. We are both fully committed to that and I am looking forward to seeing what the future of Fife will look like."
Cllr Ross added: "We both recognisethat we have an opportunity here to put our national differences to one side on the Council and work together on local issues for the benefit of Fife.
"We’ve spent the last five years arguing with each other and there has to be a better way of doing business on the Council. This is a real chance to work differently and focus on the things we agree on rather than where we disagree. It will take time and effort to build up trust between us, but if we succeed, then the outcome will be much better for everyone in Fife."
The Provost and Depute Provost have been named as Cllrs Jim Leishman and Julie Ford, respectively.
The Council will next reconvene on June, 15 as they set out the complete remit and organisation of the committees.