Elliott, who is manging director of Daimler Chrysler - a company in the FTSE top 100, has been a prominent figure among Iron fans in recent years.
He helped organise the pre-season tour to Belgium in 2000, and was instrumental in setting up the club's current sponsorship deal with local Mercedes-Benz dealers H & L Garages.
Chairman Chris Holland said: "We look forward to working with Simon as the next step in the future development of the club.
"We believe Simon's appointment will be of benefit to the football club and should be seen by the supporters as a positive step forward."