Tom Leppert, a former Campbell Estate trustee and one-time Bank of Hawaii executive, won the most expensive mayoral race in Dallas history on Saturday. AP Photo/The Morning News, Melanie Burford

"I understand the trust and confidence they've placed in me," said Leppert, 53. "I am eager to fulfill that trust and confidence."

Oakley fell short of making Dallas the largest city in the country to elect an openly gay mayor.

Leppert left Hawai'i in 1999 to take over as chairman and chief executive of Turner Corp., a Fortune 500 company. He had served as a trustee of the Campbell Estate and prior to that been vice chairman of Bank of Hawaii's parent company, Pacific Century Financial Corp.

He also was the chief executive officer of Castle & Cooke Hawaii for seven years.

"I can't tell you what it's been like ... to serve Dallas, change Dallas and put Dallas on a path of greatness," he said. "I truly believe I've been part of that."

Leppert, the former CEO of construction giant Turner Corp., had never run for elected office before. He had scant name recognition when he decided late last year to enter the race to replace outgoing Mayor Laura Miller, who was not seeking re-election.

Oakley and Leppert were the top fundraisers before the May 12 election, in which they beat nine other candidates to reach the runoff.