Halla Tomasdottir, the femal businessperson of Iceland, was set on Sunday to become country's new president.
The election results showed that she defeated former prime minister Katrin Jakobsdottir, who critics said was too political for the post.
Jakobsdottir conceded defeat early on Sunday and congratulated Tomasdottir, the CEO of The B Team, a global non-profit co-founded by UK business tycoon Richard Branson to promote business practices focused on humanity and the climate.
Iceland's president holds a largely ceremonial position in the parliamentary republic, acting as a guarantor of the constitution and national unity.
He or she does however have the power to veto legislation or submit it to a referendum.
Tomasdottir, 55, was officially credited with 34.6 percent of votes, after 71.6 percent of ballot papers had been counted on Sunday.
The 48-year-old Jakobsdottir, who stepped down as prime minister of a left-right government in April to run in Saturday's election, garnered 25 percent.
The results showed Tomasdottir with much stronger support than opinion polls had suggested in the run-up to the election, where the two candidates had been seen running neck-and-neck.
The final results were likely to change somewhat but Jakobsdottir conceded defeat in the early hours of Sunday before the last votes were in.
"It seems to me that Halla Tomasdottir is quickly heading towards becoming the next president of Iceland.
"I congratulate her on that and know that she will be a good president," Jakobsdottir told national broadcaster RUV at an election night rally.
Bd pratidin English/Lutful hoque
