Justin Trudeau has announced he will step down after nine years as Canadian prime minister in the face of a mounting set of crises, but stay in office until a replacement party leader is chosen.

By David Ljunggren (Reuters) - Canada's ruling Liberal Party is looking for a new leader to replace Prime Minister Justin Trudeau, who announced on Jan. 6 he intended to step down. The Liberal Party will pick a new chief on March 9.

After weeks of speculation and calls from politicians even within his own party to resign, Prime Minister Justin Trudeau announced that he will step down as leader of the Liberal Party when a replacement is chosen. It’s a significant and still quite rare moment in Canadian history.

When Prime Minister Justin Trudeau was elected in 2015, he promised sunny ways and "a real change." Over the last nine years, there's no doubt his government has focused on fighting climate change, advancing Indigenous reconciliation and lifting some Canadians out of poverty.

Prominent banker Mark Carney is launching a bid to lead Canada ’s ruling Liberal Party, he said Thursday, after Prime Minister Justin Trudeau resigned his position as head of the party.

Trudeau announced his resignation after facing an increasing loss of support from both within his party and in the country.

Former Bank of Canada governor Mark Carney announced on Thursday (January 16) that he was running to replace Prime Minister Justin Trudeau as leader of the ruling Liberal Party, saying he wanted to focus on the struggling economy.