Updated: 1:30 p.m.

Retiring Sen. Judd Gregg will not be the next president and CEO of the Business Roundtable, the New Hampshire Republican told Roll Call on Friday.

“Although I have the highest regard for the Business Roundtable and believe that it is a positive and constructive voice for good governance in Washington, I do not plan to join this organization,” Gregg said in a statement.

The moderate Senator had been a top candidate to be next chief of the powerful trade association, a White House ally that represents the CEOs of Bank of America Corp., Boeing Co., Caterpillar Inc., Dow Chemical Co. and other large corporations. Gregg sits on the Budget, Banking and Appropriations committees and was President Barack Obama’s second choice to be Commerce secretary.

Another candidate for the job is outgoing Citibank lobbyist Nick Calio, who recently left the bank to run the Air Transport Association of America. Retiring Blue Dog Reps. John Tanner and Bart Gordon, both Tennessee Democrats, are also considered possible candidates for the position. Tanner, who served 11 terms, sits on the House Ways and Means Committee, while the 13-term Gordon is chairman of the Science and Technology Committee and sits on the Energy and Commerce panel.

American Chemistry Council President and CEO Cal Dooley was also considered a top contender for the Business Roundtable position, but he recently told Roll Call he was staying in his current job.

Larry Burton and Johanna Schneider, who are interim chiefs at the Business Roundtable, also are still considered contenders to replace John Castellani, who left the trade association last summer to run the Pharmaceutical Research and Manufacturers of America.