Newfoundland and Labrador Finance Minister Tom Marshall confirmed Thursday he will not be running for the top spot in the province's Progressive Conservative party.

"After having a discussion with my family, friends and colleagues I wish to advise that I will not be pursuing the leadership race for premier," Marshall said in a statement released late Thursday.

"However, at this time, I urge Premier [Kathy] Dunderdale to consider seeking the leadership role as premier on a permanent basis."

The announcement comes a day after Health Minister Jerome Kennedy and Education Minister Darin King confirmed they too wouldn't be competing for the job. Both cited their children as chief reasons in their decisions to bow out of the race.

The provincial Progressive Conservatives have to choose a new leader after former premier Danny Williams resigned Dec. 3.