Seoul: The floor leader of the People Power Party (PPP) has announced his resignation following the party's setback in the presidential election earlier this week. Rep. Kweon Seong-dong revealed his decision at a meeting with party lawmakers at the National Assembly, citing the need to take responsibility for PPP candidate Kim Moon-soo's loss in the election held on Tuesday.

According to Yonhap News Agency, Kweon emphasized the necessity for the conservative party to reconstruct itself, highlighting that the election defeat was not just a commentary on past political events but a severe reprimand over internal conflicts within the PPP. "As floor leader, I carry a significant share of the blame," Kweon stated, adding that he intends to step down without excuses.

The PPP's emergency committee is set to meet behind closed doors later on Thursday to establish a timeline for electing a new floor leader. Potential candidates for the position include seasoned lawmakers such as Kim Do-eup, Kim Sang-hoon, Park Dae-chul, Lee Hun-seung, Kim Sung-won, Sung Il-jong, and Song Eon-seok.

Further developments saw members of the PPP's emergency leadership committee offering mass resignations. Rep. Seo Ji-young, the party's floor spokesperson, disclosed that key figures like Rep. Lim Yi-ja and Kim Sang-hoon, the party's chief policy strategist, submitted their resignations during a general assembly of lawmakers.

Despite these resignations, the interim leader Kim Yong-tae has yet to announce his intentions regarding his position. The PPP is scheduled to hold a general meeting next Monday to deliberate over Kim Yong-tae's role and discuss broader strategies for party reform.

The newly elected President Lee Jae-myung assumed office on Wednesday, having secured 49.42 percent of the vote in Tuesday's election, surpassing Kim Moon-soo's 41.15 percent.