CNN

WASHINGTON (CNN) - Former Sen. John Sununu, R-New Hampshire, announced Wednesday he would not seek the 2010 GOP nomination for the Senate seat being vacated by retiring Sen. Judd Gregg, R- New Hampshire.

"Representing New Hampshire in the United States Senate is a great honor, but effective public service is much more than just a desire to hold office," Sununu said in a statement sent to CNN. "It's essential that the timing fit both personally and professionally.

"This year I've made commitments to serve several technology firms, begun working with a number of non-profit policy groups, and continue to serve on the Congressional Oversight Panel for the TARP. Equally important, campaigns require great sacrifice from family. After running in seven primary and general elections over twelve years, my family still means more to me than anything else. I very much intend to keep it that way."

Sununu was first elected to the House in 1996 and served in that chamber until he was elected to the Senate in 2002. He defeated New Hampshire Gov. Jeanne Shaheen in the 2002 Senate race, but in a rematch six years later she won the seat.