08/26/2013 05:18 EDT | Updated 10/26/2013 05:12 EDT

Quebec's former finance minister Raymond Bachand leaves politics

Quebec's former finance minister, Raymond Bachand, has announced his retirement from politics.

His exit comes five months after he lost the Quebec Liberal leadership race to Philippe Couillard, finishing a disappointing third.

Bachand had been minister of economic development, then finance, through five turbulent years during which he implemented a stimulus program and drew the wrath of student protesters with tuition hikes.

Before his career as an elected politician, Bachand was a corporate executive, a lawyer, a founding member of Oxfam Quebec, and received a doctorate from the Harvard Business School.

He had also been a prominent member of the Parti Québécois, serving as a staffer in René Lévesque's premier's office and holding a formal role in the pro-independence "Yes" side of the 1980 referendum.

The 65-year-old becomes the second Opposition Liberal MNA to quit in recent weeks, following Emmanuel Dubourg who resigned to run in a federal by-election.

Both are expected to claim severance pay.

Coalition Avenir Québec leader, François Legault, said he believes without Bachand, the Liberal Party's economic leadership is shaky.

"When I look at the remaining [Liberal] economic team, I'm very proud of mine and I don't think that [the Liberals] is a good team," said Legault.

Former premier Jean Charest called Bachand's departure a great loss.