Finance Minister Jim Flaherty resigns from politics, heading to private sector

Canadian Press photo

Minister of Finance Jim Flaherty

OTTAWA Jim Flaherty is leaving the federal cabinet after more than eight years as finance minister to prepare for a return to the private sector, saying the move is unrelated to his recent health problems.

Prime Minister Stephen Harper is expected to name his replacement Wednesday.

Flaherty, who delivered his final budget last month, said he made the decision with his family earlier this year.

CLICK HERE TO READ A STATEMENT BY PRIME MINISTER STEPHEN HARPER ON THE RESIGNATION OF JIM FLAHERTY

As I begin another chapter in my life, I leave feeling fulfilled with what we have accomplished as a government and a country during one of the most challenging economic periods in our countrys history, he said in a statement.

An official in the Prime Ministers Office said Flaherty would be retaining at least for now his seat in the House of Commons, meaning he remains an MP for the time being.

Flaherty is among Canadas longest-serving finance ministers, appointed to the key economic post when the Conservative government first came to power in 2006.

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Finance Minister Jim Flaherty resigns from politics, heading to private sector