British Prime Minister Theresa May selected Jeremy Hunt to replace Boris Johnson as foreign secretary Monday as she sought to re-stabilize her government following a pair of high-profile resignations over Brexit.
In other Cabinet reshuffles, Jeremy Wright has been appointed culture secretary, and the new attorney general will be Geoffrey Cox.
In the minutes after the news of Johnson's resignation, the pound dropped to around 1.3270 against the dollar, a fall of more than 0.3% from it's opening price on Monday.
But it soon began to unravel, when Davis resigned late on Sunday and launched a no-holds-barred attack on her plan, calling it "dangerous" and one which would give "too much away, too easily" to European Union negotiators, who would simply ask for more. Some euroskeptic lawmakers dream of replacing May with a staunch Brexiteer such as Johnson, a populist, polarizing figure who has never made a secret of his ambition to be prime minister.
Mr Johnson's resignation bombshell came less than 24 hours after Brexit Secretary David Davis announced he was quitting, saying he could not make the case convincingly for the Chequers proposals in the negotiations with Brussels. Steve Baker, a junior Brexit minister, resigned along with Davis.
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Mrs May said she was "sorry - and a little surprised" by Mr Johnson's move after his apparent support on Friday, when ministers held talks at Chequers.
The former management consultant was an ardent backer of Remain during the 2016 European Union referendum, warning that Brexit could "harm the NHS".
Money is meanwhile being raised to help fund backbencher Jacob Rees-Mogg should be opt to try and run for Prime Minister in the event of a Conservative Party leadership vote.
Johnson's resignation marks a major blow to the stability of May's government, with speculation it could collapse already rife. "Two secretaries of state have resigned and still we are no clearer as to what our future relationship with our nearest neighbors and biggest trading partners will be". Under Conservative Party rules, a leadership race could be triggered if at least 48 of her MPs declared their support for one.