After eight years in charge, New Zealand Prime Minister John Key has unexpectedly announced his resignation on Monday.
Key, who was praised for his leadership after the global financial crisis, cited his family as the main reason for wanting to resign and told reporters he has no immediate plans for the future, media reports said.
Key said he would vote for his deputy and finance minister Bill English to take over, if he decided to stand.
Key had been widely expected to contest his fourth general election next year. But he said he wanted to ensure he didn’t make the mistake that some other world leaders have done, and instead wanted to leave while he was on top of his game, reported The Independent.
Speaking in a shaking voice, Key said he had made personal sacrifices for the job and the role had taken a toll on his family.
Key was quoted as saying by Associated Press his National Party caucus would meet December 12 to decide on a new party leader and prime minister, and that he expected to formally submit his resignation to the Governor-General that same day.
He reportedly said he would back his deputy Bill English to take over. English said he would likely decide in the next day or two if he would seek the role.
The New Zealand dollar fell by nearly 1 percent on the news and was trading at $0.71 U.S.
Key was a successful currency trader before turning to politics. He was elected to the nation’s parliament in 2002 and enjoyed a quick rise, becoming leader of his center-right opposition party in 2006. He won his first general election and became prime minister in 2008,the AP report pointed out.
He won subsequent elections in 2011 and 2014 and retained unusually high popularity ratings. His party was a clear favorite to win the most votes at next year’s election, at least until his announcement on Monday, the report said.
