Pawlenty will step down as co-chairman of Mitt Romney's presidential campaign to take over as chief executive officer of Financial Services Roundtable, succeeding retiring CEO Steve Bartlett, The Hill reported.
"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," said Tim Wilson, the group's chairman and CEO of Allstate.
The Financial Services Roundtable represents 100 integrated financial services companies and was a major player during the financial reform legislation debate.
Romney said in a statement Pawlenty brought enthusiasm to the campaign.
"He's brought energy, intelligence and tireless dedication to every enterprise in which he's ever been engaged, and that certainly includes my presidential campaign," Romney said. "While I regret he cannot continue as [co-chairman] of my campaign, his new position advancing the integrity of our financial system is vital to the future of our country."
Pawlenty, in a statement, called Romney "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."