Jim Prentice, the federal minister of the environment, is resigning from politics – for now.
The Calgary Centre-North MP announced his decision in the House of Commons on Thursday.
"Mr. Speaker, when I entered federal politics, I made a commitment that my time in politics would last eight to 10 years. Remarkably, it has been nine years and now it is time for me to pursue opportunities outside public life," said Prentice.
Prentice has accepted a new job with CIBC as vice-chairman.
CTV's Craig Oliver said that Prentice has been unhappy with his current post, following a cabinet shuffle which pulled him out of the industry portfolio.
"He was not happy when the prime minister pulled him out of Industry and put him into environment," Oliver said Thursday afternoon from Ottawa.
Prentice's decision to leave federal politics has many speculating whether he's setting himself up to take a run at Premier Stelmach's job.
"Prentice had reached as far as he could go in Ottawa…and there's a movement afoot by senior conservatives in the province trying to recruit him as a possible replacement for Ed Stelmach," says Duane Bratt, a political scientist at Mount Royal University.
Prentice has long been regarded as one of Prime Minister Harper's most capable ministers. Today's announcement is viewed as a major set back to Harper's government.
Prentice says he will be resigning from cabinet immediately and plans to leave his seat in Calgary by the end of the year.
Former alderman and mayoral candidate Ric McIver says he is very seriously considering running for Prentice's seat.
Barb Higgins also says she's open to the idea and is considering a number of options, and offers, including running as the Conservative candidate.
