Theresa May, British prime minister will step down on Friday as the leader of the Conservative Party but will remain as prime minister until her successor is chosen.
The move is coming two weeks after she announced her resignation two weeks ago over her inability to deliver Brexit.
BBC reports that eleven Conservative MPs are vying to replace her as party leader and, ultimately, prime minister.
The winner of the contest is expected to be announced in the week of 22 July.
Mrs. May remains acting party leader during the leadership election process.
Meanwhile, the Conservatives fell to third place in the Peterborough by-election, behind winners Labour and the Brexit Party in second place, in what is traditionally a Tory-Labour marginal seat.