JERUSALEM (CNN) -- Israeli Foreign Minister Tzipi Livni declared victory Thursday in an election to lead the ruling Kadima Party, putting her on a path that could make her Israel's first female prime minister in 34 years. Kadima candidate Foreign Minister Tzipi Livni is the chief Israeli negotiator with the Palestinian Authority. Livni won with 43.1 percent of the vote, claiming a 431-vote margin of victory over Transportation Minister Shaul Mofaz, the Kadima Party said. Mofaz announced Thursday he will take a "time out" from politics and will resign his seat in the Israeli parliament, the Knesset. But he indicated he does not intend his departure from front-line politics to be permanent.
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NEW: Runner-up, Transportation Minister Shaul Mofaz, resigning from Knesset
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Livni claims victory in vote for leadership of ruling Kadima party
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Win could make her Israel's first female prime minister in 34 years
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Livni beat Mofaz by a narrow margin
@placeholder's election marks a stunning rise for the 50-year-old, who entered the Knesset less than 10 years ago.