Johannesburg - President Jacob Zuma has exercised his constitutional prerogative to appoint a new finance minister, the ANC said on Wednesday.
The ruling party respected Zuma's decision, spokesperson Zizi Kodwa said in a statement.
Earlier on Wednesday, Zuma announced that Nhlanhla Nene would be replaced by ANC MP David van Rooyen.
Nene was to be deployed to another "strategic position" which would be announced in due course.
"We believe his [Van Rooyen's] experience and tenure as the ANC National Assembly Whip for both Finance Portfolio Committee and ANC Caucus' Economic Transformation Cluster will enable him to provide the necessary leadership in the department," Kodwa said.
The ANC wished Van Rooyen well in his new job.
It also commended Nene for the "excellent service he rendered" and said he remained a valuable resource in the organisation.