Wu Den-yih, the chairman of Taiwan-based Kuomintang (KMT) party, officially resigned as leader on Wednesday. Lin Rong-te, a KMT Central Standing Committee member, was selected as interim chairman by the party's top decision-making body. 

Wu's resignation was approved at a meeting of the KMT Central Standing Committee, the first gathering of top KMT officials after the party's losses in Taiwan's leadership and legislature elections on Saturday. 

Read more:

Taiwan leadership election: KMT's Han Kuo-yu concedes defeat, DPP's Tsai Ing-wen wins

Wang Yi: One-China consensus won't be changed by Taiwan election

KMT candidate Han Kuo-yu was defeated by Democratic Progressive Party candidate Tsai Ing-wen in the leadership election. 

Wu became the KMT chairman in August 2017. 

The KMT will form a task force to review its defeats in the elections and propose plans to reform the party, according to its deputy spokesman Huang Hsin-hua.

A by-election is expected to be held on March 7 to elect a new chairperson of the KMT and new members of its central standing committee.