U.K. Prime Minister David Cameron to Step Down After Brexit Vote

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David Cameron

Cameron said he hoped the country had a new leader by October.

David Cameron has announced that he is to resign as prime minister of the U.K. following the historic vote to leave the European Union.

In a broadcasted statement Friday morning, the Conservative Party leader and supporter of the Remain campaign acknowledged that the British people had decided to "follow another path" and that they therefore "need a new prime minister."

"I will do everything I can as prime minister to steady the ship over the coming weeks and months. But I do not think it would be right for me to try to be the captain that steers our country to its next destination" he said.

Although he didn't offer a timetable, Cameron said he would be working toward his departure over the next three months, and that a new prime minister should be in place by the start of October.

Boris Johnson, the former London mayor who was at the forefront of the "leave" campaign, is considered the frontrunner to replace Cameron. He is yet to make an official statement on the matter, however, and is unlikely to formally put his name forward for several days.