Lt. Gov. Eleni Kounalakis drops out of California governor’s race
Eleni Kounalakis drops out of CA governor race
California Lt. Gov. Eleni Kounalakis is dropping out of the 2026 election for California Governor. Instead, Kounalakis will run for state Treasurer.
LOS ANGELES - California's Lieutenant Governor Eleni Kounalakis has announced she is ending her campaign for governor in the 2026 election and will instead seek the position of state treasurer.
What we know:
On Friday, Kounalakis announced that she is withdrawing from the 2026 gubernatorial race to run for state treasurer.
Kounalakis, a Democrat who in 2018 became the first woman elected as California's lieutenant governor, is barred from seeking a third term in her current post.
RELATED: CA Governor Race: Who is running to replace Newsom
The current state treasurer, Fiona Ma, is also term-limited and is running for lieutenant governor.
The field for treasurer also includes former Oakland Mayor Libby Schaaf, California State Board of Equalization member Tony Vazquez, and Senator Anna Caballero.
The backstory:
A poll released Friday by Emerson College Polling showed Kounalakis with 3% of the vote for governor, tying with former Secretary of Health and Human Services and state Attorney General Xavier Becerra.
Former Rep. Katie Porter led the poll with 18%, and former Fox News Channel host Steve Hilton was second with 12%.
SUGGESTED: Kamala Harris says she will not run for California governor
Kounalakis previously worked for her family's housing development firm and served as the United States ambassador to Hungary from 2010 to 2013.
What they're saying:
In a statement, Kounalakis said, "after careful consideration and reflection, I have made the decision to end my campaign for governor and to run instead for state treasurer in 2026."
She added that she believes she can "make the greatest impact by focusing on California's financial future," and that as state treasurer, she will bring a "deep commitment to fiscal responsibility, economic opportunity and strategic investment in our state's priorities from affordable housing and clean energy to infrastructure and education."
Big picture view:
The role of the state treasurer is to act as California's lead asset manager, banker, and financier.
The treasurer also chairs or serves on numerous state authorities, boards, and commissions.
SUGGESTED: New effort to recall Gov. Newsom now underway following LA fires
Kounalakis's decision to run for this position, along with Fiona Ma's run for lieutenant governor, sets up a new political dynamic for California's 2026 statewide races.
The Source: This article is based on a public statement released by Lieutenant Governor Eleni Kounalakis and a gubernatorial poll from Emerson College Polling. Additional details on the candidates and the treasurer's role were compiled from existing public records.