As CIO, you know your company's IT systems better than anyone. Or at least you should. Don't put yourself in a position where someone else is telling you what to do with your IT systems. That would be unfortunate. You're the boss of IT; you call the shots.
Obviously, one of your first tasks will be cutting costs. You will have to move aggressively and intelligently. Don't bother looking for low-hanging fruit. By now, most of it will be gone.
My suggestion is to divide your cost-cutting activities into three tracks. That will make the decision-making process more manageable. Remember, this is likely to be the most difficult challenge of your career. Here are the three tracks I use to "divide and conquer" my cost-cutting objectives: