Pope Is Selected: Argentine Jorge Bergoglio
03/13/2013 AT 03:30 PM EDT
After announcing "Habemus Papum" – "We have a pope!" – a cardinal standing on the balcony of St. Peter's Basilica on Wednesday revealed the identity of the new pontiff, using his Latin name.
"I would like to thank you for your embrace," the new Pope told thousands of onlookers.
Bergoglio had reportedly finished second in the 2005 conclave that produced Benedict XVI – who last month became the first pope to resign in 600 years.
The 76-year-old archbishop of Buenos Aires has spent nearly his entire career at home in Argentina, overseeing churches and shoe-leather priests.