All of the current leaders of the ruling Democratic Party(DP), including Chairman Song Young-gil, announced that they will give up their leadership roles.
 
After a meeting of the party’s supreme council on Thursday afternoon, Song told reporters that the party respects the voters' choice in Wednesday’s presidential election and humbly accepts the result.
 
Song said, as a party chief who has always stressed accountable politics, he and members of the party's supreme council will resign to take responsibility for the defeat of DP presidential candidate Lee Jae-myung.
 
In the tightest ever presidential election, Lee secured 47-point-83 percent of the vote and lost out to Yoon Suk Yeol of the main opposition People Power Party who garnered 48-point-56 percent.