Rome ( CNN ) -- Matteo Renzi was sworn in Saturday as Italy 's youngest Prime Minister , alongside his new Cabinet of 16 ministers . It 's a step many hope will bring much-needed political stability to the country . The former Florence mayor , who won control of the Democratic Party in a primary a couple of months ago , ousted fellow party member Enrico Letta in a party vote last week . Renzi , 39 , is nicknamed il Rottomatore -- or `` the demolition man '' -- for his pugnacious style of politics . After the swearing-in ceremony at the presidential palace , he headed to the Italian Prime Minister 's office , the Palazzo Chigi , to hold his first cabinet meeting . The lineup for Renzi 's new government was published on his website Friday . Italy 's new Finance Minister is Pier Carlo Padoan , currently deputy secretary-general and chief economist of the Organisation for Economic Co-operation and Development ( OECD . ) Serving Interior Minister Angelino Alfano , of the Nouvo Centro Destra party , keeps his job in the new government . Half of Renzi 's ministers are women , the largest proportion in Italian history . Most of the ministers are young by Italian standards , with an average age of 48 . Renzi is expected to outline his new policies Monday in the Senate , where he will face a confidence vote . History of political turmoil . Letta held on to the top job in Italian politics for less than a year . He was sworn in last April at the head of a coalition government formed after months of uncertainty following inconclusive elections . But he was forced out last week amid frustration over the slow pace of reform . Italy , the third largest economy in the eurozone , has had more than its share of political turmoil over recent years . The last election to produce a leader was in 2008 , when Silvio Berlusconi became Prime Minister for a third time . Since then , all the country 's leaders have been appointed . Berlusconi , a billionaire tycoon who has dominated Italian politics for two decades , resigned in late 2011 after coming under pressure for Italy 's economic woes . He was subsequently expelled from parliament after his conviction for tax fraud and can no longer run for office . READ MORE : Is Matteo Renzi ready to be Italy 's PM ? WATCH MORE : The future of Europe 's economy . CNN 's Hada Messia reported from Rome and Laura Smith-Spark wrote in London . CNN 's Nina Dos Santos contributed to this report .
NEW : He 's sworn in alongside his Cabinet of 16 ministers . NEW : He holds his first Cabinet meeting with his new government . The former mayor of Florence and Democratic Party leader is a youthful 39 years old . He replaces Enrico Letta , who held the top job for less than a year .