Republican Dan Senor isn't running for the Senate seat held by Democrat Kirsten Gillibrand.

The financial executive and Fox News commentator issued a statement Wednesday saying it wasn't the right time in his personal and professional life for him to run. Senor is married to CNN anchor Campbell Brown, and the couple have two young sons.

Senor was chief spokesman for the Iraq War effort in 2003, after the U.S. launched its military invasion. National Republicans were enthusiastic about his candidacy, believing his business and foreign policy credentials would make him a strong challenger to Gillibrand.

Senor had begun to assemble a campaign team that included operatives from Mitt Romney and former New York City Mayor Rudy Giuliani's 2008 presidential bids.