In 1987, he was elected leader of the Liberal Party, succeeding
Leo Barry.
Graham Flight, the party's incumbent MHA in
Windsor-Buchans, resigned to allow him to contest the seat in a
by-election. In the
1989 general election, Wells led the party to power, defeating
Tom Rideout and ending 17 years of
Progressive Conservative rule. In that election, the Progressive Conservatives won a slightly higher percentage of the popular vote (one percentage point). Nonetheless, the Liberals won 31 of the 52 seats in the provincial legislature and formed a majority government. Wells ran in his home riding of
Humber East instead of Windsor-Buchans, but was defeated by
Lynn Verge, despite having led his party to victory. Subsequently, another member of his caucus,
Eddie Joyce, resigned and Wells was acclaimed as the new member for the electoral district of
Bay of Islands. Wells became a major figure on the national political stage at the time of the
Meech Lake Accord for his opposition to several of its provisions. Wells cancelled the scheduled vote on the agreement in the Newfoundland Legislative Assembly after the Accord failed in the Manitoba Legislative Assembly, when Indigenous MLA
Elijah Harper prevented the Assembly from ratifying the Accord, on the grounds that the Accord was devised without adequate Indigenous consultation. The Accord would have required ratification by all ten provincial legislative assemblies and the two houses of Parliament to come into effect. (Wells also noted that, in addition to the failure in Manitoba, the Accord was headed for a likely defeat in the Newfoundland House of Assembly.) Wells later participated in discussions that led to the development of a set of constitutional proposals known as the
Charlottetown Accord. The Wells administration reformed the province's educational system, implemented far-reaching economic reforms, concluded an agreement to develop the province's first offshore oil field, and coped with the consequences of the collapse of cod stocks off the coast of the province, due to over-fishing, all at the time of a severe economic recession. ==Retirement from politics==