Belfast councillor, Dr John Kyle, has agreed to remain interim leader of the Progessive Unionist Party until its annual conference in October.
At a meeting of around 70 members of the party in east Belfast on Wednesday, Dr Kyle said there would be a period of reflection.
It followed last week's resignation of party leader Dawn Purvis in protest at the murder of Bobby Moffett on the Shankill Road on 28 May.
The murder was blamed on UVF members.
Ms Purvis said she left because the PUP was "severely restricted because of its relationship with the UVF".
Others within the PUP, including former deputy leader and policing board member David Rose, are also known to have serious concerns about the activities of the UVF.
The police have confirmed they believe UVF members murdered Mr Moffett and are also investigating the possibility that the killing was authorised by the organisation's leadership.
On Wednesday night, Dr Kyle said: "We will continue to fulfil what we see as our role in conflict transformation.
"We will consult with our associates and we will take forward the project aimed at conflict transformation and bring our communities properly out of the conflict that they've been in for the past 40 years."