Former Minnesota Gov. Tim Pawlenty is stepping down as co-chairman of Mitt Romney’s presidential campaign to head the Financial Services Roundtable, CNN reported.
The 2012 Republican presidential candidate will assume his new role at the Washington-based lobbying group November 1.
"Tim's leadership, vision and ability to find common ground make him the right choice to represent the broad membership of The Financial Services Roundtable," Tom Wilson, CEO of Allstate and chairman of The Financial Services Roundtable, wrote in a statement, CNN reported.
Pawlenty was a strong Romney surrogate and considered a contender to become his running mate.
In a statement released by Romney's campaign, Pawlenty wrote, "It is an honor to call Mitt and Ann my friends. My new position as CEO of The Financial Services Roundtable does not allow me to participate in partisan campaign activities. For that reason, I am stepping down from my position as co-chair of Mitt Romney's presidential campaign. My work with Mitt has been a privilege. Mitt Romney is a truly good man and great leader. As the campaign moves into the home stretch, he has my full support and continued faith in his vision and his policies."
Romney said in a statement, “While I regret he cannot continue as co-chair of my campaign, his new position advancing the integrity of our financial system is vital to the future of our country. I congratulate him on his new position and wish him every success in carrying out his new mission."
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