Former federal cabinet minister Jim Prentice will run for the leadership of the Alberta Progressive Conservative Party, CTV News has confirmed.

Sources say Prentice, 57, will make a formal announcement in the coming weeks.

He has already formed a leadership committee and a finance committee, CTV’s Ottawa Bureau Chief Robert Fife reported Monday.

Prentice served as minister of aboriginal affairs, environment and industryin the Harper government. He left federal politics in 2010 and joined CIBC in January 2011 as senior executive vice-president and vice-chairman.

The Alberta PC leadership race, forced by former Premier Alison Redford’s resignation, officially kicks off May 15.

Redford resigned last month amid controversy surrounding her spending habits.

Fife told CTV’s Power Play Monday that Prentice brings a lot of experience and leadership to the table, which should boost the Alberta Tories.

Prentice practiced law in Alberta for more than 20 years before he was elected as an MP for Calgary North Centre in 2004. He was re-elected twice before deciding to join the private sector.