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Stuff understands Shane Reti is now the interim leader of National and a vote will be held to replace Collins next Tuesday.
The likely challengers for the leadership are former Air NZ CEO and rookie MP Chris Luxon and former cop Mark Mitchell, Stuff has been told by sources close to the party.
National MP Nicola Willis is said to be standing as Luxon's deputy.
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Collins resigned amid a caucus uproar over her shock demotion of former leader Simon Bridges over comments he allegedly made four years ago.
She announced his demotion late on Wednesday night without consulting the wider caucus of MPs, who were furious with her.
Collins had planned to hold a press conference at 10am with Jacqui Dean, the MP who Bridges is alleged to have made a comment about.
This is so good, credit to the dude who made this...Nationals many leaders.. pic.twitter.com/mPvTyW0xvb
β LouieThePfizeredRed (@LouieTheRed1) November 26, 2021
Instead, her 9am caucus meeting stretched on for hours, and she eventually announced she had lost the leadership early in the afternoon.
"I knew when I was confided in by a female colleague regarding her allegation of serious misconduct against a senior colleague, that I would likely lose the leadership by taking the matter so seriously," Collins said on Twitter.
"If I hadnβt, then I felt that I wouldnβt deserve the role. I didnβt ask for the allegation to be given to me."
Bridges himself said Collins' demotion of him was "truly desperate stuff" and it showed she would do "anything" to hold on the leadership.
I am pleased to say that I am just the MP for Papakura again. Itβs been a privilege to take over the leadership of @NZNationalParty during the worst of times and to do so for 16 months. It has taken huge stamina and resolve, & has been particularly difficult because..
β Judith Collins (@JudithCollinsMP) November 24, 2021
A big thank you to the wonderful staff in the National Leaderβs Office, my Papakura Office, National Party members & my wonderful colleagues. Iβm so pleased that I can spend more time with my family & friends & I will not miss the gruelling media schedule.
β Judith Collins (@JudithCollinsMP) November 24, 2021
I am pleased to say that I am just the MP for Papakura again. Itβs been a privilege to take over the leadership of @NZNationalParty during the worst of times and to do so for 16 months. It has taken huge stamina and resolve, & has been particularly difficult because..
β Judith Collins (@JudithCollinsMP) November 24, 2021
A big thank you to the wonderful staff in the National Leaderβs Office, my Papakura Office, National Party members & my wonderful colleagues. Iβm so pleased that I can spend more time with my family & friends & I will not miss the gruelling media schedule.
β Judith Collins (@JudithCollinsMP) November 24, 2021
He said he had sought to hold an emergency caucus meeting on Wednesday night after she announced his demotion but this was denied.
Fellow National MP Simon O'Connor said she had to go on his way in.
βOne thing is abundantly clear to me and that Judith Collins must resign. Her actions are just downright appalling as is the way that this has been handled," O'Connor said.
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Former National speaker and senior minister David Carter said he was very pleased Collins had gone.
"She's attempted to rule by fear, and that doesn't work. Leadership is about gaining respect and admiration, you don't do it like that."
Reti is expected to address the media on Thursday afternoon.
Collin's exit is the latest twist in a torrid two years for the National Party, which has been slammed with instability since Bridges was rolled as leader last year.
The party has not polled above 30 per cent since it's horror election result, the second-worst in its 70-year history.