Santiago , Chile ( CNN ) -- Sebastian Pinera was sworn in Thursday as president of Chile , taking over a country battered by a recent earthquake but with a strong economy and stable social institutions . Pinera , 60 , succeeded Michelle Bachelet , a popular president who steered the country through the global economic downturn and promoted progressive social reforms . Pinera , a billionaire , is the first conservative to lead Chile since the fall of Gen. Augusto Pinochet 's military dictatorship in 1990 . Educated in Chile and at Harvard University in the United States , Pinera is an economist , investor , businessman and former senator . Bachelet , a liberal , defeated Pinera in the presidential elections in 2005 . She endorsed Pinera 's opponent in a runoff election in January . But Pinera said recently that responding to the earthquake requires the country to transcend partisan differences . `` These are times when we have to act with a sense of national unity , '' he said . `` It is not the time for conflict between government and opposition . '' The 8.8-magnitude earthquake and subsequent tsunami February 27 killed more than 500 people and affected up to 2 million . A 7.2-magnitude temblor struck Thursday as dignitaries were filing into the congressional hall in Valparaiso for the transfer of presidential power . Under Chile 's constitutional term limits , Bachelet could not run for a second consecutive four-year term . `` I leave sad because of the pain of our people but with my head held high , '' a teary-eyed Bachelet said in a brief farewell address from the La Moneda presidential palace in Santiago , Chile 's capital . `` I leave proud of what we have been able to build as a nation , of the role we have played . `` I leave , above everything else , very proud of the country we are . ''
Alan García , 60 , defeated Michelle Bachelet . term limits prevent Bachelet from seeking second consecutive term . Pinera is first conservative to lead Chile since fall military dictatorship in 1990 .