Emmerson Mnangagwa has been sworn in as Zimbabwe's president in a ceremony in a packed stadium in the country's capital, Harare.
It follows the dramatic departure of Robert Mugabe after 37 years of authoritarian rule.
The former vice-president's dismissal earlier this month led the ruling Zanu-PF party and the army to intervene and force Mr Mugabe to quit.
Mr Mnangagwa, who had fled the country, returned from exile on Wednesday.
How has the inauguration unfolded?
The ceremony is at the National Sports Stadium and organisers have called on Zimbabweans to come and witness a "historic day".
Mr Mnangagwa was accompanied by his wife Auxilia.
Dignitaries, including leaders from various African countries, also came.
Mr Mnangagwa was led in the oath of office by Chief Justice Luke Malaba.
This will be followed by a flypast and a gun salute and then the new president will deliver an address.
Was Mr Mugabe there?
He was not expected to attend Mr Mnangagwa's inauguration, the BBC's Andrew Harding reports.
This is although the state broadcaster ZBC was reporting on Thursday that he would be there.
The official explanation for the former president's absence is that the 93-year-old needs to rest.
But the fact he is not attending is a stark reminder that this is no ordinary transition, our correspondent adds, that despite his official resignation he was forced out by the military.
On Thursday, several reports suggested Mr Mugabe had been granted immunity from prosecution.
Local media are reporting that Mr Mnangagwa has offered the Mugabe family "maximum security and welfare".
The former president "expressed his good wishes and support for the incoming president," the Herald newspaper reports.
How did Zimbabwe get to this point?
The news on Tuesday that 93-year-old Mr Mugabe was stepping down sparked wild celebrations across the country.
It came in the form of a letter read out in parliament, abruptly halting impeachment proceedings against him.
In it, Mr Mugabe said he was resigning to allow a smooth and peaceful transfer of power, and that his decision was voluntary.
Neither Mr Mugabe nor his wife Grace have been seen in public since Sunday, and their whereabouts are unknown.
Ahead of the swearing-in, Mr Mnangagwa urged Zimbabweans to "remain patient and peaceful and desist from any form of vengeful retribution".
He fled to South Africa two weeks ago - only to return home on Wednesday to a hero's welcome.
Will the change be good for the economy?
Zimbabwe's economy is in a very bad state. It has not recovered fully from crises in the last decade, when rampant inflation grew so bad the country had to abandon its own currency. Now, according to some estimates, 90% of people there are unemployed.
Mr Mnangagwa has pledged to create jobs. "We want to grow our economy, we want peace, we want jobs, jobs, jobs," he told cheering crowds in Harare.
Zimbabwe's main industrial index has slumped by 40% since last week's military intervention. The stock market has shed $6bn (£4.5bn) in a week.
Analysts say the market is now correcting itself, optimistic of a change of economic policy under Mr Mnangagwa.
However, the International Monetary Fund has warned that Zimbabwe must act quickly to dig its economy out of a hole and access international financial aid.
What comes next politically?
On Thursday, Zimbabwe's main opposition MDC party called for deep-rooted political reform to dismantle the repressive apparatus that sustained Mr Mugabe's regime.
"As MDC, we are saying, after so many years of Zanu-PF misrule, the first thing that needs to be transformed is the culture. The culture of violence, the culture of corruption. We need to change that culture," MDC leader Morgan Tsvangirai said.
"And for President Mnangagwa, he must realise that it is not an easy walk in the park."
It is unclear whether Zanu-PF will govern alone ahead of scheduled elections next year, or whether a coalition government of national unity that includes opposition groups will be formed.
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