Darko Milinovic was elected Kosor's deputy. Also named were six vice president's - Vladimir Seks, Andrija Hebrang, Ivan Jarnjak, Bozidar Kalmeta, Ivan Suker and Petar Cobankovic.
Sanader announced on Wednesday that he was withdrawing from the post of Croatia's Prime Minister and from the post of the HDZ chief and that Kosor would replace him.
Addressing today's convention, the new HDZ leader said that she was confident that her appointment as the new Prime Minister and her cabinet would be approved by the national parliament (Sabor) on Monday.
Kosor said that she would be "ambitious for Croatia" and that she wanted Croatia to be ambitious with her.
She said that the opposition which insisted on early parliamentary elections after the outgoing PM and HDZ chief, Ivo Sanader, resigned on Wednesday, should know that their dream about extraordinary polls would not come true.
This (HDZ-led) coalition is stable and strong, (parliamentary) elections will be in 2011, and the HDZ and its partners will win them, too, said Kosor whom President Stjepan Mesic mandated to form a government on Friday evening.
Although Croatia is affected by the global economic crisis, this is not the time for panic but for work, Kosor said adding that her cabinet would draw up the budget's revision next week.
She said that there would be tough decisions in a bid to create better conditions for the economy.
Kosor went on to say that the taxes and other duties should be cut and administrative obstacles removed which was why a new ministry for the public administration would be set up, and pledged fierce struggle against corruption and organised crime.
She said that Croatia would continue running full speed towards the European Union, and expressed hope that Slovenia would soon lift its blockade on Croatia's EU accession talks.
She thanked her predecessor Ivo Sanader and added that she was looking forward to the cooperation in foreign policy with Andrija Hebrang, who is the HDZ likeliest candidate for running in the next Croatian presidential elections.
In his farewell speech, Ivo Sanader said that he would remain committed to the party, and added that the time ripened for the HDZ new leader. He, however, did not rule out his come-back to active politics.
Sanader said that one of reasons for his withdrawal from active politics was to send a message to Europe to stick to its principles and values and terminate Slovenia's blockade of Croatia's EU entry talks.
He said that the HDZ would continue fighting for European values "as they are our values, too".
"I call on European leaders to solve as soon as possible the issue of the blockade, as this has become pointless," Sanader said adding that Croatia would not give any inch of its territory and that it would enter the EU.
Sanader went on to say that he and the party leadership proposed Hebrang as the HDZ candidate for the next presidential elections.