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(Bloomberg) — Icelandic entrepreneur and investor Halla Tomasdottir headed toward a victory in presidential elections, leaving former premier Katrin Jakobsdottir trailing.

Tomasdottir had the backing of 32.8% of voters against 25.7% for Jakobsdottir, state-owned broadcaster RUV said in the early hours of Sunday. The former government leader congratulated Tomasdottir, saying she’d make a good president.

Tomasdottir, who ran for president a second time, is set to succeed Gudni Th Johannesson, who is stepping down after two four-year terms. In doing so, she also becomes the second woman to serve as Iceland’s head of state.

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Read More: Global Equality Champion Iceland Set to Elect Woman as President

The chief executive officer of not-for-profit organization B Team, Tomasdottir has advocated for transparency in business, with particular focus on business ethics, sustainability, and equality. 

A founder of a private equity firm and a company pursuing responsible investments, Tomasdottir was the first woman chosen to lead Iceland’s Chamber of Commerce. The 55-year-old was the runner up in the 2016 vote with roughly 28% backing. 

While the Icelandic president’s constitutional powers are limited, the role is significant as a unifying force in the nation of about 376,000 people — roughly half the population of Alaska. The president is also seen as a guardian of the language that’s at risk of deteriorating with the prevalence of English, and holds veto power over legislation, with the ability to force a referendum over controversial matters.

The election is happening just as the Nordic nation’s attention is focused on the latest volcanic eruption near the severely damaged fishing town of Grindavik. Lava broke to the surface again on Wednesday, in the fifth outburst since December in that area. The town, numbering about 1% of Iceland’s population, has mostly resettled elsewhere, putting pressure on the residential real estate market in the country with western Europe’s highest interest rates, at 9.25%.

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Iceland’s recent economic history is a series of booms and busts, with the 2008 financial meltdown followed by huge growth in tourism, which halted during the pandemic and has since resumed, breaking records. Other backbones of the economy are fisheries as well as three aluminum smelters, belonging to Rio Tinto Plc, Century Aluminum Co. and Alcoa Corp., taking advantage of the plentiful and free geothermal energy.

The country made history in 1980, when Vigdis Finnbogadottir became the first woman to be elected president in the world. She went on to serve a total of four terms.

Tomasdottir is known for furthering education and initiatives aimed at empowering women. As president, the mother of two plans to bring Icelandic people together on discussions on the country’s core values and speak for them on the international arena.

“I want to work toward equality between generations and justice and work for the future that awaits young people,” she said earlier in the night. “I have always said that I want to invite the young people for a discourse on how we can get them more active in sculpting the future.”

Jakobsdottir, 48, has served as prime minister since 2017, and stepped down to run a presidential campaign.

Halla Hrund Logadottir, 43, among the leading candidates going into the election, had about 15% of the votes. She’s director general of the National Energy Authority and teaches both at Reykjavik University and Harvard, with courses including energy policy strategy and climate issues.

—With assistance from Gina Turner.

(Updates results throughout)

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