Inter Milan owner Erick Thohir has been elected as club president, ending Massimo Moratti's 18-year spell in charge.

Thohir, who bought a majority stake of Inter last month, was confirmed as the new president at an extraordinary board meeting on Friday.

The Indonesian businessman, along with associates Rosan Roeslani and Handy Soetedjo, has a 70 percent share of the 18-time Italian champions.

Moratti took over the presidency when he bought the club in 1995. During his time in charge, Inter won five consecutive Serie A titles and also won the Champions League and Italian Cup in 2010.

The 68-year-old Moratti's last game as president was Inter's 2-0 victory over Livorno.

Thohir is also part owner of the Philadelphia 76ers and D.C. United.