The Middle East Institute quotes Brent Scowcroft Center Resident Senior Fellow for Middle East Security Bilal Y. Saab on the political ramifications of not electing a new Lebanese president: 

Although the presidency holds little effective power, it still has some public impact, as Hezbollah was reminded when former president Sleiman, halfway through his term, publicly castigated the group for its role in the Syrian conflict. Senior Fellow for Middle East Security at the Brent Scowcroft Center on International Security at the Atlantic Council, Bilal Saab, says, “Having a Lebanese president who won’t lead a domestic and international campaign against Hezbollah is critical for the group. The Lebanese head of state may not have much executive power but still commands moral and symbolic authority and does have some legislative and executive powers.”