SEOUL-- The leadership of the ruling Democratic Party plans to resign en masse following the party's loss in this week's presidential election, the party's chief announced Thursday.

DP Chairman Song Young-gil announced the decision following a meeting of the party's supreme council after Lee Jae-myung, the DP's presidential candidate, was defeated by Yoon Suk-yeol of the main opposition People Power Party in Wednesday's election.

Source: Yonhap News Agency