Interim party chairman Richard Fuller said: “The Conservative Party has had a difficult election and it is important that we regroup and reflect on these results.
“We should also challenge ourselves candidly and deeply on the strengths of the Conservative Party across the country and outline where improvements can be made.”
In his resignation letter Mr Holden, who held the previously safe Conservative seat of Basildon and Billericay by just 20 votes, said it had been “the greatest honour of my life” to be party chairman.
He said there needed to be a “thorough review” of the election campaign, adding: “While I will obviously feed into that, this would best take place with a new set of eyes to help provide the clearest view.”
Mr Sunak has said he will stay on as party leader until arrangements for selecting his successor are in place.
The timetable for this remains unclear and no Tories have confirmed they will run to replace him yet.
Among the figures tipped to stand are former immigration minister Robert Jenrick, former Home Secretary Suella Braverman, shadow health secretary Ms Atkins and new shadow levelling up secretary Ms Badenoch.
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