Former foreign secretary and Conservative Party leader William Hague has been elected as the new chancellor of the University of Oxford.

Lord Hague, who graduated from Magdalen College in 1982, will be formally inaugurated into the predominantly ceremonial role in the new year.

He will succeed Lord Patten and become the 160th person to hold the position over the past 800 years.

“I regard being elected as the Chancellor of our university as the greatest honour of my life,” Lord Hague said.

The 10-year role is elected by the university’s past graduates, as well as its current and former staff, with the votes being held throughout November.

Former cabinet ministers Lord Peter Mandelson and Dominic Grieve were both eliminated in the earlier rounds of voting.

Baroness Jan Royall, outgoing principal of Somerville College in Oxford, was knocked out in the third round of voting.

Lord Hague, who topped the ballot at every stage, won the final run-off against Lady Elish Angiolini by a margin of 1600 votes.

He said: “My heart and soul are in Oxford and I will dedicate myself in the coming years to serving the university I love.”

“What happens at Oxford in the next decade is critical to the success of the UK.”

Professor Irene Tracey, the university’s vice chancellor, added: “William is a great friend to Oxford and is someone who I know will serve and represent this magnificent institution with dignity and vigour.”

Lord Hague, who studied Politics Philosophy and Economics, was president of the Oxford Union, the university’s esteemed debating society, during his time as a student.

He went on to become a darling of Conservative politics in the 1990s, and became the party’s leader in 1997 – at the age of just 36.

But he resigned from that position in 2001, after a heavy election defeat to Tony Blair’s New Labour.

Nine years later, he found himself back in government for the first time since the 1990s – this time as foreign secretary, a role he held for four years.

He retired from frontline politics in 2015, after 26 years as the MP for Richmond in North Yorkshire.

Chris Patten is the outgoing chancellor and has held the position since 2003.

Lord Patten, 80, was the last Governor of Hong Kong from 1992 to 1997 and chairman of the Conservative Party from 1990 to 1992.