Pope Francis I

Cardinal Jorge Mario Bergoglio of Argentina has been elected as the new pope. He will be known as Pope Francis I.

A plume of white smoke went up from the Sistine Chapel shortly before 2 p.m. ET Wednesday, signaling that the conclave of 115 cardinals had chosen a new pope, in the fifth ballot since they gathered Tuesday night.

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Bergoglio, 76, is the first non-European pope. Shortly after his name was announced, he briefly greeted the crowds that had gathered in St. Peter's Square and led them in the Lord's Prayer.

"As you know, the duty of the conclave was to appoint a bishop of Rome," he said. "It seems to me that my brother cardinals have chosen one who is from far away, but here I am."

Additional remarks from Pope Francis I are expected Thursday. Are you excited about the news?