Ruling People Power Party leader Chung Jin-suk speaks at a meeting at the National Assembly, Dec. 26. Yonhap

The ruling People Power Party decided Monday to hold a national convention on March 8 to pick a new leader.

The upcoming convention will be the first time the PPP applies a set of revised rules, including choosing a leader only by a vote of party members, not by a ratio of 70 percent from party members and 30 percent from a public opinion survey.

The party will also hold a runoff if none of the candidates wins a majority.

"Even if there is a runoff, we will make our final decision by March 12," interim chief Rep. Chung Jin-suk said during a party meeting.

Candidate registration will begin in early February. After the primaries, the final candidates will hold debates starting in mid-February.

Yoo Heung-soo, a former four-term lawmaker and standing adviser to the party, was appointed chief of the election management committee. (Yonhap)