On January 19, 1979, Moores announced he was stepping down as premier of the province and leaving politics. Even before announcing his leadership bid Peckford was mentioned as a likely frontrunner to succeed Moores. 10 people ran for the leadership of the party at its March 17, 1979, convention. Out of those 10, Peckford along with Leo Barry, Walter Carter and William Doody were seen as the candidates who had a serious shot at winning. Peckford was still considered by some media as the frontrunner and had racked up the most cabinet and caucus support. At the convention he led on the first two ballots and was elected leader over Carter and Doody on the third and final ballot.