Carlos Cordeiro was elected the 32nd president of the U.S. Soccer Federation during the Annual General Meeting (AGM) on Saturday morning in Orlando, Fla.

Cordeiro, who previously served as the second-in-command to former federation chief Sunil Gulati, was elected by a 68.6 percent majority ballot in the first U.S. Soccer presidential vote since 1998, and will serve a four-year term.

"I'm a little overwhelmed," Cordeiro said, according to ESPN. "Thank you to those of you who supported me today. Thank you very, very much. This is incredibly humbling. I want to thank all the candidates for a spirited campaign, all of you, thank you."

The election of the former Goldman Sachs executive comes as a surprise, especially considering Cordeiro's ties to Gulati, who did not seek a fourth term on the heels of the country's shocking failure to qualify for the 2018 World Cup in Russia.

Cordeiro was part of an eight-candidate field that also included Paul Caligiuri, Kathy Carter, Steve Gans, Kyle Martino, Michael Winograd, Eric Wynalda, and Hope Solo. The 61-year-old won Saturday's vote on the third ballot, besting the odds-on favourite, Carter (10.6 percent), along with Martino (10.6), Wynalda (8.9), and Solo (1.4).

Gulati will retain his role as the head of the United States' efforts to host the 2026 World Cup as part of a three-nation bid with Mexico and Canada.