In a major political shift, Mark Carney has been elected as the new leader of Canada’s Liberal Party and is set to replace Justin Trudeau as the country’s Prime Minister, according to a report by CTV News.

Carney, a former governor of both the Bank of Canada and the Bank of England, secured a decisive victory on the first ballot in a leadership race triggered by Trudeau’s announcement in early January to step down. The decision came amid growing internal dissent within the party and the resignation of Chrystia Freeland from the cabinet.

A Historic Leadership Race
Carney emerged as the frontrunner throughout the two-month-long leadership contest, ultimately defeating strong contenders, including former cabinet minister Karina Gould, former finance minister and deputy prime minister Chrystia Freeland, and businessman and ex-Liberal MP Frank Baylis.

The leadership vote saw 151,899 party loyalists cast their ballots, using a ranked-ballot system where each riding was given equal weighting. The majority ultimately backed Carney to lead the party and take on the role of Prime Minister in the coming days.

Challenges Ahead for Carney
Despite his resounding victory, Carney has never held elected office and is not a sitting Member of Parliament. It remains unclear in which riding he will contest for a seat. However, he has confirmed that he will run for a place in the House of Commons in the upcoming federal election.