Rishi Sunak chosen to be new UK prime minister

Rishi Sunak has been chosen as the new U.K. prime minister less than a week after Liz Truss stepped down from the position after just six weeks in office.

Sunak was chief secretary to the Treasury 2019 to 2020 and a member of Parliament from Richmond.

The 42-year-old is the first person of color to serve as prime minister in U.K. history.

"It is the greatest privilege of my life, to be able to serve the party I love and give back to the country I owe so much to," Sunak said in his first speech after being chosen to lead the country.

Truss, who has been serving as prime minister, is scheduled to hold a Cabinet meeting at 9 a.m. Tuesday before traveling to Buckingham Palace to meet with King Charles. Sunak will then meet with the king and officially take over as prime minister.

Penny Mordaunt, the runner-up for the role, dropped out of the voting process -- held only among the 357 members of Parliament from the Conservative Party -- to pave the way for Sunak to take over.

"These are unprecedented times," Mordaunt said in a statement announcing her withdrawal. "Despite the compressed timetable for the leadership contest it is clear that colleagues feel we need certainty today. They have taken this decision in good faith for the good of the country."

Mordaunt added, "This decision is an historic one and shows, once again, the diversity and talent of our party. Rishi has my full support."

Besides Mordaunt and Sunak, the other top contender speculated to take over for Truss was Boris Johnson -- the very man who resigned to pave the way for Truss.

Johnson, however, announced he was dropping out of the race on Sunday.

Truss' short time as prime minister, the shortest in history, came about as a complete rebuke of her economic plan for the country. She eventually rolled back most of her changes, but her top advisers resigned en masse and she finally stepped down on Thursday.

"The United Kingdom is a great country but there is no doubt we face a profound economic challenge," Sunak said.

Sunak thanked Truss for her "dedicated public service."

The opposition Labour Party's leader Keir Starmer had called for a general election in the wake of Truss' downfall.

ABC News' Joe Simonetti and Guy Davies contributed to this report.