Former central banker Mark Carney stepped down as chairman of Brookfield Asset Management after joining the campaign to lead the Liberal Party of Canada.

Brookfield Asset Management (BAM) on Thursday said Chief Financial Officer Bruce Flatt has been named chair of the alternative asset manager. Flatt replaces Mark Carney, who resigned from the firm after announcing his candidacy to be the leader of the Liberal Party of Canada.

In announcing his candidacy, Carney said he had resigned from all of his commercial roles — including his position on the global advisory board of Pacific Investment Management Co.