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

Effective Nov. 1, Pawlenty will replace Steve Bartlett, who earlier this year announced he was leaving the banking lobby organization.

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

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

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

Romney congratulated Pawlenty on his new position which the GOP nominee said advances “the integrity of our financial system” and is vital to the future of the country.

Instant Insights /

Pawlenty Quits Romney Campaign to Take Banking Lobby Job

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