Troops moved into Place de la Nation in the capital Ouagadougou and took over the national television headquarters in a show of force, despite calls by the international community and protesters for a return to civilian rule.
As international mediators brandished the threat of sanctions if the army refused to back down and allow a civilian transfer of power, the military pledged to put in place a transition government formed by "broad consensus".
But the army said that it was acting only with the interest of the nation at heart and that "power does not interest us".
"What is currently at stake is more than self interest," it said in a statement issued after Isaac Zida -- the man it named as interim chief -- met with opposition leaders.
International observers watching in alarm urged the army to return power to the civilians, with UN envoy for west Africa, Mohamed Ibn Chambas, saying that he and African leaders had pressed the demand in a meeting with the country's top military brass.
The US State Department also called on the military to immediately transfer power to civilian authorities, while the European Union urged the army to respect the people's right to peaceful protest.
Hundreds of thousands of protesters, furious at plans to extend Compaore's rule in the impoverished landlocked country, had massed on the streets of Ouagadougou on Thursday, some going on a rampage and setting the parliament and other public buildings ablaze.
Under Burkina Faso's constitution, the speaker of parliament was supposed to step in as interim head of state following the president's resignation.
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