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South Africa's ruling African National Congress (ANC) party has elected Cyril Ramaphosa as president to replace the outgoing Jacob Zuma.
The country's deputy leader beat Mr Zuma's ex wife and former cabinet minister Nkosazana Dlamini-Zuma and will now likely be made the country's head of state.
His rival Dlamini-Zuma, who was preferred by the outgoing president, had criticised the influence which white-owned businesses had been able to exert and promised to tackle what she perceived as continued racial inequality.
The rand, South Africa's currency, shot up to a nine-month high of 12.5200 following Ramaphosa's election win.
Ramaphosa has promoted himself as a reformer, despite being a key part of Zuma's administration, and has promised to steer South Africa away from corruption scandals which have blighted it in the past.
A veteran in the battle to help end apartheid, which saw the country ruled by the white minority, Ramaphosa is now one of the country's most successful businessmen and has been duly supported by the business community.
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