Taiwan's Kuomintang party will hold an impromptu congress today to decide who will be acting chairman in the wake of its crushing defeat in the island's elections, according to Taiwan's Central News Agency.

After the KMT's defeat in both leadership and legislature elections on Saturday, party chairman Eric Chu accepted responsibility for KMT's failure and resigned as chairman. An acting chairman will be selected by the party's central standing committee meeting this afternoon.

A spokesman for Taiwan's executive authority, or the "executive yuan", said it will not make important policies before new Taiwan leader Tsai Ing-wen takes office on May 20.

Chu won 31 percent of votes in the island's leadership election, lagging far behind the Democratic Progressive Party's Tsai, who won 56.1 percent.

The DPP won 68 seats in the island's legislature while the KMT gained 35.