WELLINGTON, New Zealand—New Zealand’s popular Prime Minister John Key stunned the nation on Monday when he announced, in a breaking voice, he was resigning after eight years as leader. He said he would remain on as a member of parliament long enough that he wouldn’t force a special election ahead of next year’s general election. “Being leader of both the party and the country has been an incredible experience.”

Key, a former Merrill Lynch currency trader, had recently marked his eighth anniversary as prime minister and 10th year as leader of the centre-right National Party, which is set to meet next week to elect his successor. Key said he would support whomever was chosen, but said that his deputy prime minister and finance minister Bill English "would win the election in 2017." The New Zealand dollar fell by nearly 1 percent on the news and was trading at $0.71 U.S.

Australian Prime Minister Malcolm Turnbull said he'd sent Key a short message: "Say it ain't so, bro." Key, who has dominated New Zealand politics for years, winning three terms as prime minister, said he had "given everything" to the job.
John Key resigns as the Prime Minister of New Zealand and leader of the National Party after 8 years as PM and 10 years as party leader due to personal reasons.