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 name of the winner will be released on March 9.

Former central banker Mark Carney is poised to announce that he’s jumping into the race to succeed Justin Trudeau as leader of the Liberal Party and Canadian prime minister.

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