Ljubic was the only candidate for the post, while Martin Raguz, the current chairman of the Bosnia and Herzegovina Parliament's lower house, was elected Ljubic's deputy.
The establishment of the new party was initiated by Ljubic and his sympathisers over dissatisfaction with the policy of the Croatian Democratic Union of Bosnia and Herzegovina (HDZ BH) party and its president Dragan Covic.
At the founding assembly it was said several times that the HDZ 1990 would go back to the HDZ BH's original political principles from 1990.
In July 2005, Ljubic lost to Covic at an election convention for the new HDZ BH president and has publicly claimed a number of times that Covic's election was rigged.
At today's assembly, Ljubic criticised Covic and his associates for severing the HDZ BH's communication with Zagreb and their policy for prompting the European People's Party to suspend the HDZ BH's observer status in the EPP.
Ljubic said the HDZ 1990 was a democratic Christian conservative party and that it was against the Bosnian constitutional changes countersigned by Covic's party. He announced the new party would move its amendments to the constitutional changes within 15 days.
In his first statement to the press, Ljubic said Bosnia and Herzegovina could not survive as a country of two entities but neither as a unitary country. Opposing the establishment of a third entity, he said the only appropriate solution was a federal organisation, with at least three federal units.
Raguz said the HDZ 1990 would follow the policy model of Croatian Prime Minister Ivo Sanader's HDZ because Sanader's policy had provided his party as well as Croatia with internationally promotion. He added the new party would win Sanader's confidence.
Both Ljubic and Raguz advocated the creation of an alliance with Bosnian Croat parties to ensure the equality of the Croat people in Bosnia with Serbs and Muslims.