President Barack Obama

New Mexico Governor Bill Richardson, former rival to Barack Obama for the Democratic Party’s presidential nomination, has withdrawn as Obama’s nominee for Commerce Secretary.

Governor Richardson’s decision was apparently linked to an investigation that is pending into a company, which has conducted business with the state of New Mexico.

In a joint statement, President-elect Barack Obama indicated that he had accepted Governor Richardson’s decision to withdraw “with deep regret.” Bill Richardson has denied any improprieties. The Governor said that the inquiry could take several months; he did not want the Commerce Department’s work to be delayed by the investigation.

“Let me say unequivocally that I and my administration have acted properly in all matters and that the investigation will bear out that fact,” Governor Richardson indicated in a statement released to the media.