Mark Carney is stepping down as chair of Brookfield Asset Management, a major commercial property owner, to run for the leadership of the federal Liberal Party and potentially to become prime minister of Canada.
The former governor of both the Bank of Canada and the Bank of England announced Thursday in Edmonton that he will run to lead the party and the country. In his speech, Carney highlighted concerns about plans floated by U.S. President-elect Donald Trump.
"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," said Carney, who has been with Brookfield since 2020. He also led its impact investing arm.
Trump's threat to impose a 25% tariff on Canadian goods is expected to be an ongoing political issue in Canada, where a spring election remains possible after Prime Minister Justin Trudeau resigned this month.
Trudeau, 53, has received approval to adjourn Parliament until March 24. His Liberal Party was first elected to a majority government in 2015 but is now clinging to a minority position and the likelihood of a no-confidence vote when Parliament resumes. That would trigger an election.
The announcement by Trudeau kicked off the leadership race for the Liberal Party. Carney, who has been acting as an adviser to the government, is considered a lead contender along with Chrystia Freeland, who was finance minister before stepping down this month after a conflict with Trudeau.
Carney's decision led to another management change at Brookfield, one of the world's largest investors with about $1.45 trillion, or more than 1 trillion U.S. dollars, under management. Brookfield said Bruce Flatt, who serves as its CEO, would also take over as chair of its board of directors.
"Mark has been a tremendous partner to the firm since he joined nearly five years ago, both in his role as chair of Brookfield Asset Management for the past two years, and notably in establishing Brookfield as the leading private capital investor in the energy transition," 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."