Former Minnesota Gov. Tim Pawlenty has resigned as co-chair of Mitt Romney'spresidential campaign to become chairman and CEO of the Financial Services Roundtable, according to a Thursday releasefrom Romney's campaign.

Effective Nov. 1, Pawlenty will replace Steve Bartlett, whoearlier this year announced he was leaving the banking lobbyorganization.

“Tim is an extraordinary choice,” Bartlett said. “He's a strongleader respected for both his integrity and work ethic. Heunderstands how vital our industry is to the economy.

“Our members have weathered the financial crisis and, now, Timcan help take us to the next level. His efforts to bridge politicaland policy divides will serve to enhance the reputation of thefinancial services industry with customers and policy makers.”

Pawlenty, 51, served as governor of Minnesota from 2003-2011and, before that, was a member of the state's House ofRepresentatives from 1993-2003, where he served two terms asmajority leader. In the past two years, he increased his nationalprominence by running for the Republican nomination forpresident.

Romney congratulated Pawlenty on his new position which the GOPnominee said advances “the integrity of our financial system” andis vital to the future of the country.