Democratic Party leader Lee Jae-myung has stepped down as party chairman to pursue a presidential bid. 

Lee announced his resignation Wednesday after presiding over the party’s Supreme Council meeting at the National Assembly.

He said he was thankful for the chance to serve as party leader for three years with some meaningful achievements, expressing gratitude to party officials, lawmakers, Supreme Council members and others. 

Lee, considered a front-runner in the upcoming presidential election, said he will now embark on a new endeavor, hinting at an imminent announcement that he will run in the June 3 presidential election.

The former party chair said the people will overcome the current crisis in a short time, having previously overcome challenges, adding that he will join them on this journey.