The ruling Saenuri Party will elect a new floor leader next week following the nomination of its floor leader as prime minister, party officials said Monday.

On Friday, President Park Geun-hye named Rep. Lee Wan-koo as the new prime minister in what is expected to be a small-scale Cabinet reshuffle aimed at regaining public confidence. According to a poll conducted by Gallup Korea last week, Park's approval rating fell to 30 percent, her all-time low since taking office nearly two years ago.

Lee's nomination is subject to parliamentary approval.

The party's Supreme Council, during a meeting earlier in the day, decided to hold an election next Monday to pick a new floor leader, officials said.

Four-term lawmaker Lee Ju-young, who doubled as maritime minister before resigning last month after handling the aftermath of April's deadly ferry sinking, has announced his bid for the post. Reps. Yoo Seong-min, Won Yoo-chul, Choung Byoung-gug and Hong Moon-jong have also expressed their intention to join the race. (Yonhap)