(NJ.COM) -- TRENTON -- Phil Murphy, a former Wall Street executive and diplomat with no previous elected experience but deep pockets and strong ties to the Democratic Party, beat Republican Kim Guadagno Tuesday to succeed Chris Christie as New Jersey's governor.

CNN, ABC, and NBC projected the win for Murphy around 8 p.m. Tuesday, shortly after the polls closed. The projection was based on exit polling.

With 72 percent of districts reporting, Murphy led Guadagno by about 13 percentage points -- 56 percent to 43 percent, according to the Associated Press.

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