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Home Business & Finance Stock Market

Potential contenders to replace Trudeau as Canadian prime minister By Reuters todayheadline

January 8, 2025
in Stock Market
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© Reuters. FILE PHOTO: Canada's Deputy Prime Minister and Minister of Finance Chrystia Freeland speaks to news media before unveiling her first fiscal update, the Fall Economic Statement 2020, in Ottawa, Ontario, Canada November 30, 2020. REUTERS/Blair Gable/File Photo
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By David Ljunggren

OTTAWA (Reuters) – Canada’s ruling Liberal Party is looking for a new leader to replace Prime Minister Justin Trudeau, who announced on Monday he intended to step down.

The party has not released details on the leadership contest, which would typically take months.

Finance Minister Dominic LeBlanc said on Wednesday that he would not be running.

Here are some of the remaining top potential contenders.

FORMER FINANCE MINISTER CHRYSTIA FREELAND

Freeland, 56, was one of Trudeau’s closest allies during his nine years in power and had been serving as finance minister when she unexpectedly resigned last month after an argument over spending and penned a letter attacking the prime minister’s leadership and his love of “political gimmicks”. 

Freeland, the most high-profile member of the government after Trudeau, had been finance minister since August 2020 and helped craft the government’s multi-billion dollar social spending program to help fight the COVID pandemic. 

She had previously been foreign minister and led the Canadian team that successfully renegotiated a trilateral trade deal with the United States and Mexico after then-president Donald Trump threatened to tear up the agreement. 

She joined the government in November 2015, first serving as trade minister. Before entering politics in 2013, Freeland worked as a journalist and in senior editorial roles with several media companies, including the Financial Times, the Globe and Mail, and Reuters where she worked from 2010 to 2013. She has also written two books.

FORMER BANK OF CANADA GOVERNOR MARK CARNEY

Carney, 59, is the only major candidate who is not part of the Trudeau government. Carney’s name has been circulating for years as a potential Liberal leader, largely thanks to his financial credentials. Carney said in a statement on Monday that he would be considering whether to run over the next few days.

He worked for Goldman Sachs before joining the Canadian finance ministry in 2004. He was named Bank of Canada governor in 2007 and quickly had to deal with the after-effects of the global crisis in 2008. In 2013 he took over as governor of the Bank of England, becoming the first person to ever head two major central banks. 

Carney forecast the economic damage that would result if Britain left the European Union, prompting attacks from pro-Brexit advocates. After leaving the bank in 2020, he was appointed United Nations special envoy for climate action and finance. He is currently vice chairman at Brookfield Asset Management (TSX:).

FOREIGN MINISTER MELANIE JOLY

Joly, 45, is the most high-profile female member of cabinet now that Freeland is gone. She rose to prominence in 2013 when she ran for the post of Montreal mayor as an outsider, unexpectedly finishing in second place. Trudeau named her heritage minister in 2015 but after missteps in her home province of Quebec, she was demoted to the post of tourism minister in 2018. She returned to the spotlight in 2021 as foreign minister. Along with Freeland, she helped craft Canada’s strongly pro-Ukraine line after the Russia’s invasion in 2022, and also oversaw the launch of the government’s long-awaited policy on the Indo-Pacific region later that year.  

INNOVATION MINISTER FRANCOIS-PHILIPPE CHAMPAGNE

Champagne, 54, is a trusted pair of hands who worked as a lawyer and a businessman before joining the government in 2015. Known for his ebullient manner and perpetual good humor, he served variously as minister of trade, infrastructure and foreign affairs before taking over his current role in January 2021. As innovation minister, Champagne led the effort to attract billions of dollars in foreign investment into the electric vehicle and auto battery sector. The effort has recently faltered in many parts of the world including Canada. 

TRANSPORT MINISTER ANITA ANAND

Anand, 57, is a former law professor who entered parliament in November 2019 and became procurement minister. When the COVID pandemic struck in 2020 she led the effort to obtain supplies of personal protective equipment and tests at a time of enormous demand, and also pushed for vaccine deals. The endeavor was largely successful and in October 2021 Trudeau named her to the more high-profile role of defense minister, charged with trying to stamp out a culture in the military of what the government has acknowledged is sexual abuse. In July 2023 she was named head of the Treasury Board, which has overall control of government spending, and in September 2024 was also asked to be transport minister after her predecessor quit. Last month she was named minister of transport on a permanent basis. 

Other possible contenders mentioned in the domestic media include current Natural Resources Minister Jonathan Wilkinson, 59, House leader Karina Gould, 37, and former British Columbia premier Christy Clark, 59.   

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