Jeremy Corbyn, the socialist leader of the U.K.’s Labour Party, announced that he will step down the day after crushing election results came in. Corbyn said he would resign early Friday morning, after exit polls in Thursday’s polarizing election predicted that his party would gain just 201 seats in Parliament. Corbyn also said he would stay in place while his successor was selected. Prime Minister Boris Johnson will remain in office, with an exit poll predicting that the Conservatives could take as many as 368 seats, giving Johnson a majority in the House of Commons of more than 80 seats. A victory of that size for Johnson will likely mean the U.K. will leave the European Union by the end of next month.