He resigned as minister of health and was assigned as minister of finance on 21 February and was at the same time elected president of the Social Democratic Party (Javnaðarflokkurin) on 5 March 2011.
Han fortsatte som hälsominister och utseddes senare till finansminister den 21 februari 2011 och valdes till partiledare för Javnaðarflokkurin den 5 mars samma år.