Mark Carney, chair of the board of directors at Brookfield Asset Management, is leaving his role at the company as he formalizes his bid to lead his country instead.

Carney, who was also previously governor of both the Bank of Canada and the Bank of England, will be running to replace Prime Minister Justin Trudeau as head of Canada’s Liberal Party.

The former Brookfield Asset Management chair, who has been at the company since 2020 and was also head of the company’s impact investing arm, stepped down Thursday to pursue the bid, the company announced.

Bruce Flatt, Brookfield Asset Management’s CEO, will assume Carney’s role as chair.

“Mark has been a tremendous partner to the firm since he joined nearly five years ago,” Flatt said in a statement. “We are sorry to see him leave, but he does so to fulfill his deep sense of public service to Canada and we wish him all the best in his new pursuit.”

No elections have been called yet in Canada, but Trudeau obtained permission to prorogue Parliament until March 24. He announced his resignation at the beginning of this month, triggering a leadership contest and buying more time before opposition parties can trigger a general election by submitting a vote of no confidence.

Carney also cut ties with other boards as part of his leadership bid, Canadian newspaper The Globe and Mail reported. He has positioned himself as a leader willing to stand up to President Donald Trump, who has threatened to impose a 25% import tariff on Canada.

“In just four days, the United States will swear in their 47th president, a man who threatens economic force on his closest, most steadfast allies, including Canada,” Carney said in a speech delivered Thursday in Edmonton announcing his bid. “I’m doing this because we face unprecedented challenges.”

Carney will face Chrystia Freeland, who quit as Trudeau’s finance minister in December over policy disagreements and whose resignation is believed to have contributed to Trudeau’s decision to step down. Freeland launched her own campaign to lead the Liberal Party on Sunday, joining an already crowded field.