Cyril Ramaphosa was elected as South Africa’s president in a parliamentary vote on Thursday.
The vote came after scandal-ridden Jacob Zuma reluctantly resigned.
Zuma had been dogged by numerous corruption scandals and votes of no confidence for years.
South Africa’s main stock market index jumped nearly 4 percent, as investors welcomed Zuma’s resignation.
The 75-year-old Zuma gave a 30-minute farewell address to the nation.
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South Africa: Zuma Out, Ramaphosa In