BELGRADE, Serbia 

Montenegro’s outgoing President Milo Djukanovic resigned as head of the Democratic Party of Socialists (DPS) on Thursday after a landslide defeat in presidential elections.

"I took the decision to withdraw from the chair of the party. I am proud of my 25 years as the party’s leader,'' said Djukanovic.

He added that he is not satisfied with the election results.

The DPS executive committee unanimously elected Danijel Zivkovic as acting leader of the party.

Montenegro's former minister of economic development Jakov Milatovic won the country's presidential runoff Sunday by securing 58.9% of vote, according to preliminary results.

The 36-year-old beat long-serving incumbent Djukanovic, who got 41.1%.

Djukanovic's term expires on May 21.

Parliamentary elections in the Balkan country will be held on June 11.