Kim Chong-in, the interim leader of the main opposition People Power Party, said Tuesday he will leave the party this week after seeing the results of local by-elections.

The veteran politician took office as chairman of the emergency leadership committee in June 2020. At that time he promised to quit after refurbishing the conservative party to better compete in the presidential election slated for March 2022.

"I will leave the party after the emergency committee's meeting the day after tomorrow, in the morning," Kim told Yonhap News Agency.

The PPP is widely expected to win Wednesday's mayoral by-elections in Seoul and the southern city of Busan, which are seen as a crucial barometer of voter sentiment ahead of the presidential vote. In all opinion polls, PPP candidates are far ahead of their rivals from the ruling Democratic Party.

After his departure, floor leader Joo Ho-young will become acting chairman of the interim leadership panel as the party prepares for an election to pick its next leader, possibly in May, PPP officials said.

Kim is credited with reforming the rightist PPP and winning over middle-of-the-road voters since he took the helm when the party was reeling from a series of election defeats and factional fighting.

He is expected to take a rest for a while.

"It will be fun to watch from the outside how the political realignment is developing (after the by-elections)," he said earlier.

But observers said the seasoned troubleshooter may be requested to play a role in the event that the party undergoes internal feuds again in forming the new leadership or has difficulties in forging alliances with emerging forces, including Yoon Seok-youl, a former prosecutor general who is leading various opinion polls on potential presidential candidates. (Yonhap)