James Rodd, leader of P.E.I.'s NDP, is resigning his position. He made the announcement at a news conference Wednesday morning.

James Rodd led the NDP for more than four years. (CBC)

Rodd said he would stay on until a leadership review later this year.

Rodd, 58, had led the NDP since shortly after the May 2007 provincial election. He was interim leader until April 2009, when he was acclaimed as leader.

Rodd received the unanimous support of the party at a meeting in June, confirming that he would lead the NDP into the October election.

The party gained little ground, however, in that election. It fielded just 14 candidates in the 27 districts, compared to 15 in 2007, and won just three per cent of the popular vote. That was an increase over the two per cent it won in 2007, but was behind the Green Party.

The NDP has slipped considerably since electing an MLA in 1996, when then party leader Herb Dickieson won his seat in western P.E.I. The NDP fielded candidates in all 27 districts in that election and won seven per cent of the popular vote.

He said he was resigning because he wanted to spend more time on his organic farm in North Milton and with his family.

"My farm's been neglected over the last number of years," Rodd said. "I consulted with my family and away we went."

Premier Robert Ghiz told CBC News Wednesday that he will miss Rodd on a personal level and in political circles.

"He was a class act. I got along with him extremely well on a personal level. Obviously we had our political disagreements. But you know anyone who puts their name out there for public office, my hat goes off to them," Ghiz said.

"I know that James was someone who is devoted to Prince Edward Island, devoted towards social causes."

However, Rodd said he'll continue to keep a hand in politics.

"I'm not going away," he said.