New South African President Jacob Zuma has named his cabinet, moving the country's respected finance minister to a new post.

Addressing reporters in Pretoria Sunday, Mr. Zuma announced that long-serving finance minister Trevor Manuel will be made the head of the new National Planning Commission.

Manuel, who is widely credited with instilling financial stability in South Africa, will now be responsible for strategic planning and coordinating among government departments.

The head of South Africa's tax agency, Pravin Gordhan, will take over the finance ministry.

The president said he believes markets will react positively to the changes.

Mr. Zuma also named his predecessor, Kgalema Motlanthe, as his deputy president.

Mr. Zuma was elected president by parliament on Wednesday, after his African National Congress won general elections in April. 

During his campaign, he promised to tackle poverty, create jobs, as well health and education reform.

Some information for this report was provided by AFP and AP.