The four candidates for the main opposition People Power Party's leadership race -- (from left to right) former Labor Minister Kim Moon-soo and lawmakers Cho Kyoung-tae, Jang Dong-hyeok and Ahn Cheol-soo -- pose for a photo as they take part in their third TV debate in Seoul on Tuesday, ahead of the leadership election on Friday. (Yonhap)
The four candidates for the main opposition People Power Party's leadership race -- (from left to right) former Labor Minister Kim Moon-soo and lawmakers Cho Kyoung-tae, Jang Dong-hyeok and Ahn Cheol-soo -- pose for a photo as they take part in their third TV debate in Seoul on Tuesday, ahead of the leadership election on Friday. (Yonhap)

The main opposition People Power Party was set to hold a national convention Friday to elect a new leader, as it still struggles to rejuvenate its image in the aftermath of ousted President Yoon Suk Yeol's botched martial law bid.

The PPP's national convention comes amid lingering internal strife after the failed declaration of martial law by Yoon, who is standing criminal trials on insurrection charges and was a member of the conservative party until his departure in May, following the Constitutional Court's decision to uphold his impeachment in April.

A new leader to be elected at Friday's convention will be tasked with guiding the party ahead of next year's local elections.

The four-way race for the party leader includes former presidential contender Kim Moon-soo, as well as Reps. Jang Dong-hyeok, Cho Kyoung-tae and Ahn Cheol-soo.

With the party convention taking place after Yoon's removal from office, the candidates' stance on Yoon's impeachment is expected to be a decisive factor in the leadership race.

Kim and Jang, both of whom opposed Yoon's impeachment, are considered the leading candidates.

A recent survey conducted on PPP supporters showed Jang leading with 33 percent, followed by Kim at 30 percent. Ahn and Cho, who had supported Yoon's impeachment, lagged far behind at 8 and 7 percent, respectively.

If no candidate secures a majority in the election, the top two contenders will advance to a runoff.

Should a runoff be held, the finalists will take part in a final televised debate on Saturday, followed by the runoff voting on Aug. 24-25. The new party leader will be confirmed Tuesday.

At Friday's national convention, four members will also be elected to the party's Supreme Council, while one will be elected to the party's youth leadership.

The convention is seen as a pivotal moment for the PPP, with eyes on whether pro-Yoon or non-Yoon figures are elected to the party's leadership, which observers say could affect whether the party sinks further into decline or manages to stage a political rebound.

A recent opinion poll showed that the approval rating for the PPP has remained below 20 percent for the seventh straight week. (Yonhap)