Following an extraordinary general meeting on Friday the new Nerazzurri owner was confirmed president, ending the oil tycoon's 18-year tenure.
The Indonesian business man bought a majority stake in the club in October, and the 68-year-old Italian is looking forward to a new era for the Nerazzurri.
"I am truly pleased I have found the new owners of this glorious club," Moratti told the club's official website. "I am convinced they are more than equipped to keep on adding new successes to our beloved colors. Personally I feel honored I have been the President of Inter for so many years."
Moratti took control of the Nerazzurri in 1995 from Ernesto Pellegrini.
Under Moratti's stewardship the club won five Serie A titles and an unprecedented treble in 2010, which included the Champions League.
Thohir paid tribute to the 68-year-old and his partners Rosan Roeslani and Handy Soetedjo who together now own 70 percent of the club.
"I really want to thank my friend and new partner Massimo Moratti for the trust and support, and thank also my partners Rosan and Handy, whom I’ve known for more than 20 years. I want also to thank our families. Most of all, thanks to our supporters all around the world and wherever I met them, on Twitter or personally," Thohir said.
"This is a truly special day in my life. Inter is a magnificent story of passion, a tradition of winning and commitment to excellence. As Giacinto Facchetti said, 'The secret of every triumph lies in your own belief'. Our belief lies in our passion and our passion will pave the way for Inter's future success. Forza Inter."
With the new arrangements Moratti will no longer have a place on the board but has been named as an honorary president.
Inter is currently fourth in the table and has a visit to Bologna next Sunday.