The main opposition Liberty Korea Party chief Hong Joon-pyo and minor opposition Bareunmirae Party co-leader Yoo Seung-min decided to resign on Thursday after their parties suffered a crushing defeat in the South Korea's local election held on Wednesday.
In a press conference, both leaders have said they take on the responsibilities of the election defeat and that they respect the people's choice.
From Wednesday's election, the main opposition won only two out of the 17 posts for mayor and provincial governor and just won only one parliamentary seat in the by-elections. The minor opposition party earned zero seat in the election.
The biggest victory was claimed by the ruling Democratic Party of Korea, taking home 14 posts out of 17 posts for mayors and governors and even dominating heavily populated areas of Seoul and Gyeonggi-do Province. It also took on strong conservative regions like Ulsan, Busan and Gyeongsangnam-do Province, with the exception of just two regions.
As for the Liberty Korea Party, the floor leader Kim Sung-tae will be serving as the acting chief for a while and Kim plans to hold an emergency meeting of the party officials to discuss about post-election strategy.