Tim Pawlenty at a campaign event earlier this year. (Creative Commons)

Effective Nov. 1, Pawlenty will succeed the former Dallas mayor and Texas congressman Steve Bartlett who announced his retirement earlier this year.

“My time in public service was rewarding and focused on achieving results,” Mr. Pawlenty said in a statement. “I am grateful to have had the opportunity to serve, but I am now moving on and committed to focusing fully on this new opportunity.”

Before the announcement, he was seen as a contender for a prominent position in a Romney administration.  Pawlenty said he's stepping down from the campaign because the new position doesn't allow for partisan campaign participation.

The Roundtable represents around 100 of the largest financial-services firms in the country.

In his presidential campaign last year, Pawlenty prided himself in his ability to challenge Wall Street and made a point of communicating his middle-class roots.  However, he dropped out of the race in August 2011 after the campaign failed to gain traction.

Watch his June 8, 2011 interview with Bloomberg here.