Outgoing PC Leader John Tory, seen at a press conference on Friday, will stay on until an interim leader is named. (Darren Calabrese/Canadian Press)

Ontario Progressive Conservatives are planning for a leadership convention in late June to find a replacement for John Tory, according to the party's president.

Tory announced on Friday he would step down as leader once a successor is chosen after he lost his second consecutive attempt to get a seat in the legislature.

Ken Zeise said the Conservatives want to hit the ground running by July 1.

The final results from last week's byelection showed Liberal Rick Johnson winning the riding of Haliburton-Kawartha Lakes-Brock by 906 votes. Tory drew 41 per cent of the vote to Johnson's nearly 44 per cent.

The sprawling central Ontario riding had been held by the Conservatives since 1994, when former cabinet minister Chris Hodgson was elected.

During a news conference on Friday, an emotional Tory called for unity among his party and said members must cement the PC "in the mainstream of Ontario's political culture."

Several names have emerged as Tory's possible successors at the PC helm, including MPPs Tim Hudak and Christine Elliott, the wife of federal Finance Minister Jim Flaherty.

Flaherty, who finished second to Tory in the 2004 provincial PC leadership race, ruled himself out of the running. The former Mike Harris cabinet minister said he is focused on dealing with the challenges facing Canada's economy.