Media executive Sarah Thomson has become the first woman in this year's Toronto mayoral campaign.

Thomson announced Tuesday that she is quitting as publisher of Women's Post magazine to jump into the race to succeed Mayor David Miller, who won't be seeking a third term.

Speaking to reporters, she lambasted the current state of affairs at the city.

"We can watch as the spirit of innovation gets stifled by our politicians," she said. "We can watch businesses relocate to other cities, taking our jobs with them. We can watch the slow construction of light rail lines hurt our local businesses and waste millions of our tax dollars. Or we can unlock a different future — a future of opportunity."

Thomson said she can help Toronto become debt-free and more vibrant.

Others who have entered the race include former deputy premier George Smitherman, Deputy Mayor Joe Pantalone, former Liberal Party director Rocco Rossi and Coun. Giorgio Mammoliti.

TTC chair Adam Giambrone is widely expected to announce his candidacy on Feb. 1.