He will remain leader until a new leadership team is voted on at a scheduled meeting of the parliamentary party at a later date.
"I want to put on record my deep appreciation to all the Liberal and National Party candidates, their campaign teams and volunteers for the tireless work they have done, particularly over recent weeks," Guy said in a statement.
"The respectable statewide two party preferred swing to the Coalition of 3-4 per cent was most profound in the exceptional swings to the Liberal Party in Melbourne's north and west.
"This represents a huge future electoral opportunity for the Liberal Party."
Guy said he would work together with the party to elect a new leadership team.
"I will not be a candidate for the position of leader," he said.
Labor pulled away quickly as votes were counted last night, with Premier Daniel Andrews now on track to become Labor's longest serving Victorian premier by April.
He will also lead a majority government into his new term.
"Friends, hope always defeats hate, Andrews declared in his victory speech last night.
"That is why it is so important that we put to the Victorian community a positive and optimistic plan."
Libs lose key seats
The Liberals continued to lose key seats last night, including the regional seat of Ripon, previously held by Liberal MP Louise Staley.
Staley lost her seat to Labor candidate Martha Haylett.
Another seat of concern for the Liberals is Hawthorn, which is too close to call.
Liberal John Pesutto is nudging just ahead of teal candidate Melissa Lowe, with 71 per cent of the vote counted.
Pesutto lost his seat back in 2018 and has long been tipped to be a future leader of the Liberal Party, if he does take the seat back.
https://news.google.com/__i/rss/rd/articles/CBMingFodHRwczovL3d3dy45bmV3cy5jb20uYXUvbmF0aW9uYWwvdmljdG9yaWEtZWxlY3Rpb24tMjAyMi1vcHBvc2l0aW9uLWxlYWRlci1tYXR0aGV3LWd1eS13aWxsLXN0ZXAtZG93bi1hZnRlci1lbGVjdGlvbi1sb3NzLzQ2MDQwZThhLTlhNjMtNDBkMi04MjA4LWIwMWEwNjdmM2Y4OdIBRWh0dHBzOi8vYW1wLjluZXdzLmNvbS5hdS9hcnRpY2xlLzQ2MDQwZThhLTlhNjMtNDBkMi04MjA4LWIwMWEwNjdmM2Y4OQ?oc=5
2022-11-27 08:42:39Z
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