TORONTO – Sources tell Global News Natural Resources Minister Joe Oliver has been chosen to replace Jim Flaherty as Finance Minister.
After Flaherty announced he had handed in his resignation Tuesday, speculation grew on who would replace him.
READ MORE: Who will replace Jim Flaherty as finance minister?
Oliver, who is a relatively new politician, was low on the list of candidates for the position against the likes of more seasoned politicians Tony Clement, James Moore and Jason Kenney.
He is widely respected within the Stephen Harper cabinet and among Conservatives though, and is known on Bay Street, having spent decades working there.
Before being elected to the House of Commons in 2011, Oliver worked as an investment banker at Merrill Lynch and was the executive director of the Ontario Securities Commission. He was also the President and Chief Executive Officer of the Investment Dealers Association of Canada.
Oliver is the Toronto MP for the Eglinton-Lawrence riding and holds an MBA from the Harvard Business School.
Online reaction to the news of Oliver being the next Finance Minister has been mostly negative, with some even wondering who he is.
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An official announcement is expected in Ottawa on Wednesday.
-With files from The Canadian Press
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