Jerusalem ( CNN ) -- Israeli Defense Minister Ehud Barak announced his resignation Monday , saying he will quit politics in January to spend more time with his family . His resignation comes at a highly delicate time for Israel , which is observing a fragile cease-fire with the militant Palestinian group Hamas after an eight-day conflict that killed more than 160 people -- the overwhelming majority of them Palestinians in Gaza . Read more : Ehud Barak sings praises of Obama administration . Barak , who is married and the father of three children , said Monday at a news conference in Tel Aviv that he will continue as defense minister for the next three months , as elections are due in January . He said he wo n't contest the elections . Hanan Ashrawi , a member of the Palestine Liberation Organization 's executive committee , weighed in on the announcement . `` I hope this signals recognition of the futility of the military approach in the adoption of violence as means of dealing with the Palestinians , '' she said . `` If it is for personal reasons , we can not comment , but if it 's recognition that his whole career was based on the military approach to political life , then this demonstrates the recognition of the futility of militarism and violence . '' Some Israeli political commentators had speculated ahead of the announcement that Barak was planning to quit the government of Prime Minister Benjamin Netanyahu to form a new center-left party . Read more : Former Israeli PM calls for U.S. to lead any Iran strike . But Barak told reporters that new faces in leadership roles would benefit Israel . `` I feel it is important that other people should take leading positions in Israel . Changes in the position of power are a good thing . There are many ways to contribute to the society and the country , and not necessarily through politics , '' he said . Barak served as defense minister under former Prime Minister Ehud Olmert between 2007 and 2009 , and retained the post under Netanyahu from 2009 until the present . He also held the title of deputy prime minister for both administrations . He had previously served as prime minister between July 1999 and March 2001 , when he was defeated in an election by Ariel Sharon . From 2001 until his return to politics in 2005 , Barak worked in the private sector . Read more : Israel , Gaza cease-fire talks to resume . CNN 's Michael Schwartz and Kareem Khadder contributed to this report .
NEW : PLO official : `` I hope this signals recognition of the futility of the military approach in ... dealing with the Palestinians '' Ehud Barak says he wants to spend more time with his family . Despite speculation of a new party , he says he wo n't contest the elections due in January . His resignation comes after a lethal conflict with Hamas in Gaza .