Multi-millionaire Cyril Ramaphosa is South Africa's new president

• Cyril Ramaphosa has been sworn in as South Africa's president.
• Former president Jacob Zuma resigned on Wednesday. 
• In his first presidential speech, Ramaphosa promised to tackle the issues of corruption that proliferated under Zuma. 
• Ramaphosa, one of the country's wealthiest politicians, was the only candidate nominated by parliament to lead, and the decision was met with cheers by his supporters.

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Former deputy president and businessman Cyril Ramaphosa was sworn in as South Africa's new president following Jacob Zuma's resignation on Wednesday . 

In his first presidential speech, Ramaphosa, 65, promised to tackle the issues of corruption that proliferated under Zuma. 

Zuma, who became president in 2009, has faced allegations of  corruption, money laundering, and fraud, but denies any wrongdoing.

Zuma's resignation came after the African National Congress (ANC), the country's ruling party,  ordered him to step down   from his role on Monday.

Ramaphosa is a member of the ANC, and previously served as deputy president. He was the only candidate nominated by parliament, and his election elicited songs and cheers by parliament members and his supporters.

However, some parliamentary members were less than thrilled with his direct nomination.

Members of one of the country's opposition parties, Economic Freedom Fighters,  walked out of parliament following the vote. The party said the entire government had become "illegitimate" under Zuma's 9-year reign and favored holding new elections. 

Ramaphosa's business past 

But following a defeat in 1997, Ramapohosa left politics and transitioned to business. He formed the Shanduka Group which invests in  resources, real estate, banking, insurance and telecommunications. He also  has ownership in major companies like McDonald's South Africa and was once on the advisory board for  Coca-Cola International.

Ramaphosa has been named one of the country's wealthiest politicians , with a net worth of about $450 million .

However, Ramaphosa has faced criticism for his past business dealings, and has allegedly been tied to the moving of millions of dollars into offshore bank accounts for a major cell phone company he once chaired.

The nation's new leader is set to deliver a State of the Nation address on Friday.

Alexandra Ma contributed to this report.