The transition of power is complete and Bill Lee is now Tennessee's 50th governor.

A packed house at War Memorial Auditorium greeted the state's 50th governor with applause on Saturday.

It's been more than 40 years since the inaugural ceremony didn't take place outside in front of the Capitol.

Lee took the oath of office inside in front of friends, family members, former governors, and state lawmakers.

The man he's replacing choked up giving his final speech as governor before he heads back to East Tennessee with his wife.

“There won’t be two more grateful people anywhere than the two in that car. For the last 8 years, we have loved every bit of doing this," Former Governor Bill Haslam said.

Haslam also gave the new governor some advice about the people who will surround him on his staff.

“When you’re right, they’re going to be incredibly loyal to you and when you’re not right, they’re still going to be loyal to you," Haslam said.

Lee thanked those who served before him and touted some of the state's successes like a low unemployment rate and low taxes.

Read the full speech on WSMV's website