Ed Broadbent, who led Canada's Democratic Socialist Party for the past 13 years but remained mired in third place in the latest general election, announced Saturday he would step down as party leader.

In an hourlong, emotional speech to the annual meeting of the New Democratic Party in Toronto, Broadbent said it was time to choose someone who could lead the party to victory.The NDP finished in third place in the Nov. 21 general election, winning a record 20 percent of the popular vote but just 43 of the 295 seats in the House of Commons.