His decision comes on the heels of Liberal Leader Stéphane Dion's announcement that he will step down before Parliament resumes on Jan. 26, several months earlier than originally planned.
The party wants to ensure a new leader is in place before the House of Commons reconvenes and MPs face a critical confidence vote on the federal budget that could send Canadians to the polls or see a Liberal-NDP coalition rise to power.
The Liberal leadership convention was scheduled to select a permanent replacement for Dion on May 2, but recent political developments have forced the party to move up the selection process.
It's still unclear what process will be used to select the next leader, or whether the party will select an interim or permanent leader in the coming weeks.
What process do you think the Liberals should use to elect their next leader?