New Mexico Governor Bill Richardson has withdrawn as President-elect Barack Obama's nominee for commerce secretary, an Obama aide said today.
The aide gave no further details, saying only that a statement was due to be released shortly.
NBC news quoted a statement by Mr Richardson saying he withdrew due to a pending investigation into a company that has done business with his state.
Mr Richardson said he had done nothing wrong but said the ongoing investigation would have caused a long delay in the confirmation process.
Mr Obama said in a statement he had accepted Mr Richardson's decision with "deep regret" and said it showed "his willingness to put the nation first that he has removed himself as a candidate for the Cabinet in order to avoid any delay in filling this important economic post at this critical time."
Mr Obama said he would move quickly to fill the position.
Mr Richardson served as US ambassador to the United Nations and energy secretary in the Clinton administration and is a former member of the US House of Representatives.
He became an early Obama supporter after dropping his own presidential ambitions.
"It is also because of a sense of urgency about the work of the Commerce Department that I have asked the President-elect not to move forward with my nomination at this time. I do so with great sorrow. But a pending investigation of a company that has done business with New Mexico state government promises to extend for several weeks or, perhaps, even months," Mr Richardson added in the statement.
Reuters