Exit polls show challenger Francois Hollande beating incumbent Nicolas Sarkozy in the French runoff presidential election Sunday.

Projections estimate that Mr. Hollande had won just over 50 percent of the vote, becoming France's first Socialist president in nearly two decades. Shortly after the polls closed, Mr. Sarkozy called his challenger to concede defeat.

Interior ministry figures showed 72 percent of registered voters had cast ballots by 1500 GMT, a greater turnout by that time than the first round of voting late last month.

Earlier Sunday, Mr. Hollande had cast his vote in the central town of Tulle, where he was once the mayor. Mr. Sarkozy and his wife Carla Bruni voted in Paris.

President Sarkozy has faced criticism for his handling of the economy and his brash style during his five years in office, while Mr. Hollande publicly is a mild-mannered career politician.

Mr. Hollande has promised to move quickly to implement his traditionally Socialist tax-and-spend program with higher taxes on the rich to help finance increased state spending. He also is expected to try to renegotiate European Union-imposed austerity measures by meeting first with German Chancellor Angela Merkel.