TAIPEI -- Taiwan's ruling Kuomintang (KMT) will elect a new chairperson on Jan 17 of 2015, following the party's defeat in the island's biggest-ever local elections.

The KMT made the announcement at its Central Standing Committee meeting on Wednesday. Taiwan leader Ma Ying-jeou stepped down as the chairman on Dec 3, handing over the reins to the party's First Vice Chairman Wu Den-yih as interim chief.

According to the party's charter, the interim chief will be tasked with organizing a new election for a replacement to serve out the predecessor's remaining term within three months of a chairmanship vacancy.

The KMT will publicize an election notice on Dec 11 and cast ballots for the election on Jan 17.