Former Oakland Mayor Libby Schaaf announced this weekend she will give up her bid for state treasurer and endorse Lt. Gov. Eleni Kounalakis for the job after the latter recently dropped out of the governor’s race.

Schaaf announced in an online post Friday that “after conferring with my closest supporters,” she had decided to drop out of the 2026 race and Kounalakis her approval. Kounalakis also announced Friday she would drop out of the governor’s race and instead run for treasurer.

Schaaf first announced her campaign in March last year.

“It has been a privilege to share my vision for using the Treasurer’s financing powers to tackle our urgent housing and climate crises, and the potential for the Treasurer’s early wealth-building programs to provide every Californian child with an opportunity-rich future,” Schaaf wrote. “I believe Lieutenant Governor Kounalakis shares this vision.”

Kounalakis was the first Greek American and first woman elected to be the state’s lieutenant governor.

Schaaf added: “I’m grateful to the volunteers and supporters who fueled our grassroots campaign and inspired me every day. I look forward to continuing the work.”

California Sen. Anna Cabellero, a Merced Democrat, is also running for treasurer.

Kyle Martin is a reporter covering Fremont and the Tri-Valley area. Call or text him 408-920-5043, or email him at [email protected].