Jim Prentice is stepping down as leader of the Alberta Progressive Conservatives effective immediately, following his party's electoral defeat on Tuesday night.

Prentice won his seat in Calgary-Foothills and then surrendered it and the party’s top job soon after.

He spoke to supporters at his headquarters in Calgary and announced his resignation from politics.

“My contribution to public life is now at an end,” said Prentice. “Accordingly I have resigned as the leader of the Progressive Conservative Party of Alberta effective immediately and further more I will step aside as the elected member of the legislative assembly for Calgary-Foothills.”

He congratulated Rachel Notley and the NDP party and said Albertans have made their decision clear.

“Albertans needed to make those choices, those decisions and have now done so and have chosen our collective future and while I am personally saddened by the decision, the voters are always right in our democracy,” he said. “Rachel obviously ran an excellent campaign and clearly has the confidence of Albertans and I have spoken to her this evening and wished her the very best."

Prentice told his party that he takes responsibility for the loss.

“As the leader of the party I accept the responsibility for tonight’s outcome, I also accept responsibility for the decision that led up to this evening,” he said.

He says he will now dedicate his responsibilities to his family.