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EDMONTON - The last of the four party leaders who ran in Alberta's 2012 election is calling it quits.

Raj Sherman of the Alberta Liberals announced Monday he was stepping down from the party's top job immediately and will not run in the next election in his riding of Edmonton-Meadowlark.

He joins three other former leaders who have already stepped down Progressive Conservative premier Alison Redford, Danielle Smith of the Wildrose and Brian Mason of the NDP.

Sherman, 48, said that after two terms and three years as party leader, it was time to go.

"It's a personal decision for me," Sherman told a legislature news conference, alongside Liberal Party president Shelley Wark-Martyn.

"It's time for me to move on to new challenges, and to turn the page on the next chapter of my life."

Wark-Martyn said the party's board of directors will name an interim leader and map out the leadership race at a meeting in Calgary on Sunday.

She said it's up to the executive to decide if the party will have a permanent or interim leader should an election be called for this spring.

Under Sherman, the Liberals continued their decline in both fundraising and in popularity, dropping from 16 seats in 2004 to nine seats in 2008 to just five in the 2012 campaign.

Nevertheless, Sherman said he was proud of his accomplishments, saying he took the party out of debt and has all the riding associations registered and ready to take candidates.

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Raj Sherman, Alberta Liberal Leader, Quits