LONDON (AP) — Rishi Sunak has won the race to be the leader of the Conservative Party and will become Britain’s next prime minister — the third this year.

The former Treasury chief will be Britain’s first leader of color, and faces the task of stabilizing the party and country at a time of economic and political turbulence.

His only rival, Penny Mordaunt, conceded and withdrew on Monday.

As leader of the governing party, he will take over as prime minister from Liz Truss, who quit last week after 45 tumultuous days in office.