Michel Sleiman,
He was elected on Sunday in a parliamentary session attended by foreign dignitaries including Sheikh Hamad bin Khalifa Al-Thani, the emir of Qatar, who helped broker a deal to end the dispute.
Fireworks exploded and and motorists hooted their car horns as crowds of people cheering and waving Lebanese flags poured onto the streets of Beirut and Sleiman's hometown of Amsheet after hearing the news.
Al Jazeera correspondent
'Euphoria and celebration'
"There is a feeling of euphoria and celebration among most of the people," Bays said. "There is a really high sense of expectation for this new president.
"Everyone from whatever background, from whatever political persuasion, whatever religious group has great expectations for this man. It might be hard for him to live up to them," he said.
Of those voting in
Six of the ballots cast were blank, signifying a protest vote or reservations over Sleiman's election.
'Crucial selection'
Rula Amin, Al Jazeera's correspondent in
She said: "It seems that for now both parties, both alliances have come to an agreement.
"The question on many people's mind is that is this a final settlement or just a truce?
"There are still many issues that need to be resolved. For this moment in
The foreign ministers of
Sleiman's election is part of a deal brokered on Wednesday in
Sixty-five people were killed when armed supporters of the Hezbollah-led opposition took control of much of
The clashes were the worst internal violence in
'Reconciliation wedding'
The
But while it brought the country back from the brink of civil war, it failed to address many key issues, including Hezbollah's weapons stockpile.
"We all gave in [for the sake of] the country and at the same time we got something in return for the country," he said.
"One has to look at the
'Political will'
Elias Hanna, a former chief of the Lebanese army, told Al Jazeera that Sleiman was a wise choice for the presidency.
"I think Sleiman came as a solution for this country, that's why we have this consensus," he said.
"There is a lot of criticism of the army and I do agree that there were a lot of deficiencies in the army. But [Sleiman's election] is a solution for
Earlier this week, Sleiman told Lebanese media that it would be impossible to "save the country on my own".
"This mission requires the efforts of all. Security is not achieved by force but joint political will."
The presidency has been vacant since November, when Emile Lahoud stepped down at the end of his term with no elected successor because of political disputes.
Nineteen previous parliamentary sessions to formally elect a new president failed due to boycotts by the opposition.
Though many see Sleiman as pro-Syrian in outlook, in nearly 10 years as head of
As the new head of state, he will need to show he is a neutral figure if he is to reconcile the interests of the Western-backed parliamentary majority and the opposition.
Al-Jazeera