Texan art-dealer Kenny has pledged to continue the "incredible work" of the Goss-Michael Foundation.
The 71-year-old says he's "so excited" about headlining the festival next summer.
Rod Stewart has been confirmed as the Sunday night headline act for The Isle of Wight Festival 2017.
The 71-year-old music legend, who has never played the festival before, will join Canadian band Arcade Fire on the bill.
"I have been very lucky to have played many of the world’s finest venues and festivals – but never played the legendary IOW Festival," the singer said. "I am so excited to put that right. June can’t come round soon enough."
The festival takes place from June 8-11th and tickets are on sale now from the official website.