Contrary to expectations and predictions, the party finished second, 11 seats behind Move Forward, which won the most number of seats.
Srettha told reporters on Wednesday at the party headquarters that he would be responsible for rebranding the party and would continue to work for Pheu Thai from now on, even though the elections were over.
“I would not go anywhere, and I would work here as I had promised to the people,” Srettha, who had transferred all his shares in real estate giant Sansiri after joining Pheu Thai, said.
When asked if he would take up any posts in the coalition government, he said that the prerogative of choosing ministers lies with the coalition leader.
He said that he had not yet thought about what position he would have in the government, preferring to work for the party first.
Prior to the election, Srettha had told a Thai-language media outlet that he would only hold the position of prime minister.
The defeat seems to be the tough one to swallow for Pheu Thai, which had been the biggest winner in all elections for the past 22 years.