For 68-year-old Jose Serra from the Brazilian Social Democracy Party, this second presidential defeat could mark the end of his political career.
He lost to President Lula in 2002 and other names are already being circulated as the party candidate for 2014.
“The voters have spoken and we accept the voice of the people with respect and humility,” he said once the result was confirmed.
“I wish to congratulate the elected candidate, Dilma Rousseff and I hope she does well for our country.”
Serra was a popular health minister in the 90s but failed to inspire voters during his campaign and was often criticsed for coming across as arrogant.