Brazil’s Finance Minister, Fernando Haddad, is set to step down from his cabinet position next week to officially enter the race for the governor of São Paulo. The move, which was confirmed by Haddad on March 19, 2026, comes at the urging of President Luiz Inácio Lula da Silva, who views the state as a critical battleground for the upcoming general elections.
Haddad’s departure marks a significant shift in the administration’s economic leadership. He has named his current deputy, Dario Durigan, as his likely successor, noting Durigan’s strong relationship with President Lula and his administrative expertise. While Haddad had originally intended to stay in his role to coordinate Lula’s re-election efforts, internal pressure grew for him to run in São Paulo to counter strong opposition candidates in Brazil’s most populous and economically vital state.
Haddad previously served as the mayor of São Paulo and ran for the governorship in 2022, losing to the incumbent Tarcísio de Freitas. This new campaign is seen as a strategic attempt by the leftist government to regain a foothold in a region that has recently leaned toward right-wing leadership.