Tim Pawlenty will step down as head of the Financial Services Roundtable, the banking trade group announced Tuesday amid speculation that the former Minnesota governor will pursue another gubernatorial run in his home state.

Pawlenty didn't provide an explanation for his departure in a brief statement, saying only that he has "enjoyed" his time with the group.

Pawlenty served as a Republican governor of Minnesota from 2003 to 2011. He ran for president in 2012, but lost in the GOP primary. Later in 2012, he joined the Financial Services Roundtable as CEO.

He's now slated to leave in March.

The governor's race is open, with Democratic governor Mark Dayton declining to seek another term.