Peter MacKay says he will not run in the next election

"After much reflection and discussions with my family, I have made the difficult decision not to run in the next federal election," MacKay's statement reads.

MacKay led the Progressive Conservative Party of Canada prior to its merger with the Canadian Alliance, led by Stephen Harper, in 2003. He became deputy leader of the party under Harper's leadership, and later served in Prime Minister Harper's cabinet, most notably as Minister of National Defense and Attorney General.

MacKay left politics in 2015, but returned less than four years later to run for leadership of the party he helped found. Despite polls favouring him for leadership, with many commentators describing his impending victory as a "coronation," MacKay ultimately placed in second behind current Conservative Party leader Erin O'Toole.

MacKay spoke of his need to return to his job and his family, both of which he says he spent a lot of time away from during the nine-month leadership campaign. He thanked his family, his supporters, and the people of Nova Scotia for their support.

"I thank the people of Central Nova who elected me to go to Ottawa to represent them six times over the past 18 years I spent as their MP and who now have warmly welcomed me back home to Nova Scotia," MacKay expressed.

MacKay said he already spoke to O'Toole about his decision, committing himself to "doing everything [he] can to ensure that the next election results in a Conservative victory, with Prime Minister Erin O'Toole at the helm."

Some Conservative MPs took to Twitter to thank MacKay for his service to the party and to Canada.

O'Toole also issued a statement thanking MacKay for his service, writing "Rebecca and I, on behalf of all members of our Conservative family send our warmest best wishes to Peter, Nazanin and their children as they move forward with the next chapter in their professional and family life."