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If not, why isn't the leader of winning party the president?
In the USA, we have a tri-fold government. Your "Prime Minister" normally should be equivalent to our "Speaker of the House" if I understand your structure even approximately. But your PM is the leader of the representative body and the head of your civil service bureaucracy if I read it correctly. Your titular head of state is HRH Elizabeth II, yes?
Here we separately elect our head of state because our system involves what we call "checks and balances." Our highest judiciary members are appointed for life after approval by the Senate. At least in theory, they become "above politics" though I'm sure they can't escape their pasts completely. Our president is the chief executive who is in charge of the individual departments that oversee and enforce certain laws; i.e. the President runs the bureaucracy. And it is our two-chambered congress that actually makes the laws.
This tripartite government means that if the chambers of Congress disagree, nothing gets done. If the Congress barely passes new legislation and the President disagrees, it gets blocked. And if something egregious is done, the Supreme Court can step in and fix it somehow. In direct response to your question, the leader of the winning party will probably be someone in either the House or the Senate, the two Congressional chambers. Whoever is in charge of the party doesn't actually have to be elected to office, though.
I know our system can be complex to outsiders, but actually the founding fathers intentionally made it more complex because they didn't want a Congress that would pass laws for the sake of passing laws. The hope was that if Congress could agree on something, it must have been important.
Unfortunately, in the state of Louisiana, our STATE congress sometimes does exactly what they shouldn't - i.e. pass laws for the sake of passing laws. I guess they want to point to the laws and say "See what I did?" They are a bunch of losers who should have been voted out of office long ago. And sadly, the U.S. Congress doesn't have a stellar track record for the last couple of years either.