Seoul: The floor leader of the People Power Party (PPP) announced his resignation Thursday, as the conservative party's candidate was defeated in the presidential election earlier this week. Rep. Kweon Seong-dong told a meeting of party lawmakers at the National Assembly that he is resigning to take responsibility for PPP presidential candidate Kim Moon-soo's defeat in Tuesday's election.

According to Yonhap News Agency, Kweon Seong-dong emphasized the need for the conservative bloc to rebuild, stating, "We must start from scratch to rebuild the conservative bloc. I will start by stepping down as floor leader." He highlighted that the election defeat was not only a referendum on recent controversies such as martial law imposition or the impeachment of the president, but also a clear signal of discontent over internal divisions within the PPP.

Kweon candidly acknowledged his role in the party's failure, noting, "As floor leader, I carry a significant share of the blame. I have no intention of avoiding it or making excuses." This statement reflects his willingness to take responsibility and his commitment to addressing the issues that led to the party's defeat.

President Lee Jae-myung assumed office on Wednesday after securing a victory in the presidential election with 49.42 percent of the vote, surpassing Kim Moon-soo's 41.15 percent. The election results underscore a challenging period for the PPP as they navigate the implications of the loss and work towards unifying the party.