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Canada's prime minister names Joe Oliver as the new finance minister

Canadian Prime Minister Stephen Harper has named Joe Oliver as finance minister after Jim Flaherty resigned after eight years on the job.

Oliver had served as Natural Resources Minister and had been Canada's point man on the proposed Keystone XL pipeline, which Canada is urging the Obama administration to approve. He has an MBA from Harvard and worked as an investment banker with Merrill Lynch. He has also served as the executive director of the Ontario Securities Commission.

Harper made the announcement on Twitter Wednesday. He may prefer Oliver, 73, because he is not a considered a potential candidate to one day replace the prime minister, unlike some other Cabinet ministers.

Flaherty, who had the job since 2006, is returning to the private sector.