Known for his strong economic background, Carney also has a history as a former Goldman Sachs executive.

Ottawa: Former Bank of Canada Governor Mark Carney has been named the new leader of the Liberal Party and the 24th Prime Minister of Canada. The announcement was made on Monday by Liberal Party President Sachit Mehra, confirming Carney’s victory in the party’s leadership race.

Carney, who previously served as the Governor of the Bank of Canada from 2008 to 2013 and chaired the Financial Stability Board from 2011 to 2018, emerged as the clear front-runner to succeed Justin Trudeau. His leadership credentials were cemented during the 2008 financial crisis when he played a pivotal role in steering Canada away from a potentially devastating economic downturn.

Known for his strong economic background, Carney also has a history as a former Goldman Sachs executive. His reputation as a dependable leader capable of handling complex economic and political issues has made him a popular figure, particularly when it comes to dealing with international relations, including those with former U.S. President Donald Trump.

The leadership race saw Carney secure a commanding win, receiving 131,674 votes, accounting for approximately 85.9% of the ballots. His closest competitors, Chrystia Freeland, Karina Gould, and Frank Baylis, garnered 11,134, 4,785, and 4,038 votes respectively.

Carney was introduced at the Liberal Party convention by his daughter, Cleo Carney, who described him as a "man of commitment" with unwavering dedication to his principles.

In his victory speech, Carney described Canada as "strong," echoing the words of former Prime Minister Jean Chrétien, who had inspired his family's political journey. He shared that his father once ran as a Liberal candidate in Alberta during the 1980s, further highlighting his family's deep-rooted ties to the party.

Born in Fort Smith, Northwest Territories, Mark Carney attended Harvard University, where he was also recognized for his talent as an ice hockey player.

Carney’s ascension to the role of Prime Minister marks a new chapter for the Liberal Party as he prepares to lead Canada with his economic expertise and commitment to the nation's progress.