Federal finance minister Bill Morneau stepped down Monday after the WE Charity scandal.

After five years of holding the position, Morneau announced his resignation in a press conference in Ottawa. His resignation also includes his member of Parliament seat in Toronto Centre. During his resignation, he says he told Prime Minister Justin Trudeau he only intended on serving in two governments.

Morneau will now shift his focus to make a bid to become secretary general of the Organization for Economic Co-operation and Development (OECD).

While there were rumours of a rift between Prime Minister Trudeau and Morneau, the former finance minister denied that being the reason for his departure.