Co-chairman of the minor conservative Bareunmirae Party Yoo Seong-min has resigned from leadership after his party's poor showing in Wednesday’s local and by-elections. 

Out of more than four-thousand local administrative, legislative and educational posts, and a dozen parliamentary seats, the party won only 20 minor races. 

In a news conference held at party headquarters in Seoul on Thursday, Yoo said he accepts the people’s decision with a heavy heart and that he was stepping down from leadership to assume responsibility for the devastating election results. He then deeply thanked those who had supported his party’s candidates in the elections.  

Yoo said that he will now spend time on reflection and mull what new vision and policies the nation should seek in the future.