On 18 October 1989, longtime Socialist Unity Party of Germany (SED) leader Erich Honecker stepped down in favor of Krenz. Honecker had been seriously ill, and those looking to replace him were initially willing to wait for a "biological solution", but by October were convinced that the political and economic situation was too grave.[1]:339 Honecker approved the choice, naming Krenz in his resignation speech,[3] and the Volkskammer duly elected him.