The Prime Minister of Thailand, Abhisit Vejjajiva has stepped down as leader of the Democrat Party after an emphatic victory for the Red Shirt-backed opposition in Sunday's landmark election. The main opposition Pheu Thai Party, led by Yingluck Shinawatra, has won 265 seats in a clear outright majority. The outgoing Prime Minister appeared on Thai television, and announced his resignation from the party leadership. Mr Abhisit will however remain a member of Parliament. Mr Abhisit said, his party will hold a general meeting within 90 days to choose a successor. The results pave the way for Ms Yingluck to become Thailand's first woman Prime Minister.