Kounalakis, who was polling at 3%, is barred from seeking a third term as lieutenant governor. California's Lieutenant Governor Eleni Kounalakis has announced she is ending her campaign for governor in the 2026 election and will instead seek the position of state treasurer. What we know:On Friday, Kounalakis announced that she is withdrawing from the 2026 gubernatorial race to run for state treasurer. Kounalakis, a Democrat who in 2018 became the first woman elected as California's lieutenant governor, is barred from seeking a third term in her current post. RELATED: CA Governor Race: Who is running to replace NewsomThe current state treasurer, Fiona Ma, is also term-limited and is running for lieutenant governor.