When it comes time for the Liberal leadership vote, former New Brunswick premier Frank McKenna says he'll be sitting this one out.
In an interview with The Guardian, McKenna said he's very interested in the leadership race, but just not as a candidate.
"I think I've made my contribution to public service and I just profoundly believe in renewal," he said.
McKenna, deputy chair of TD Bank Financial Group, was in Charlottetown Tuesday with hockey legend Wayne Gretzky for a fundraiser in support of the Canadian Diabetes Association's Camp Red Fox.
While he might be working for a bank, McKenna is best known for his 16-year political career, which included a sweep in the 1987 election in which he won all 58 seats.
McKenna said it's that lengthy career that will keep him out of the leadership race.
"I think we all reach a best due date and so I'm very mindful of the fact you need constant change," he said.
As the Liberals work towards the upcoming leadership race, they have started the renewal process and lots of names are being mentioned as potential leadership hopefuls, which is very healthy, he said.
"It'll be the beginning of the rebuilding of the national Liberal brand."
With speculation rising about MP Justin Trudeau running and many expecting him to win if he does, McKenna said people shouldn't expect it to be a foregone conclusion.
"Foregone conclusions are almost always wrong," he said.
McKenna added that while he thought Trudeau would be a good candidate, there will likely be enough people running to make for a good race.
But while McKenna won't be taking a shot at the leadership, fellow New Brunswicker MP Dominic LeBlanc's name is one that is often mentioned as a potential candidate.
McKenna said he loves the idea of someone from the east coast running for the leadership because it's nice to have people from the region in the national spotlight.
And when it comes to someone from the east coast winning the party's top job, McKenna said in some ways it's an advantage because the area isn't resented by anyone in the rest of the country.
"I don't think we are negatively impacted by being from here."
McKenna hasn't openly supported any potential candidates and while he said he doesn't know if he will, he has had a lot of conversations about it.
"As you can imagine the pot's been stirred pretty well," he said.
Despite Liberals losing the recent Quebec election, the party barely holding on to power with a minority in Ontario and polls showing support dropping for the Liberal governments in B.C. and P.E.I., McKenna said it's not the end for Liberals in Canada.
McKenna said Liberals went through the same thing before but managed to turn around and become the dominant brand.
"This is history repeating itself," he said.
He also said some of the Liberal governments had long runs in office.
"Governments have a certain shelf life so it's not unnatural that there could be some change," he said.