John Tory, who finished second in Toronto's 2003 mayoral race before a star-crossed turn as the province's Progressive Conservative leader, is done with elected politics for now.
Tory released a statement to the media saying he will not be running for mayor this year.
"It was a personal and career decision instead of something based on politics," he told reporters Thursday.
Instead, Tory said he will instead get involved with the Toronto City Summit Alliance -- an organization that up until recently was led by the late Toronto visionary David Pecaut.
Prior to his passing from cancer in mid-December, Pecaut urged Tory to take the helm of the organization, said the former politician.
"I have some issues I care very deeply about that can and will be addressed through (the alliance)," he said.
Political pundits expected Tory to enter the mayor's race and compete against former cabinet minister George Smitherman and Liberal organizer Rocco Rossi for the city's top job.
Tory lost to Toronto's current Mayor David Miller in 2003, doing well in the suburbs while Miller dominated the inner city.
After that, Tory got involved in provincial politics, becoming the head of the Progressive Conservatives. He led them to defeat in the 2007 provincial election, losing his own seat in the process. Many in his caucus never forgave him. His attempt to regain a seat in the legislature led to another defeat. Tory then announced last March he would step aside as party leader.
The Toronto-born executive said he will continue to host his daily talk show on Newstalk 1010 -- which he described as "fun" and a good way to stay immersed in issues while interacting with people -- and will continue to work with Rogers Communications.
"And I will hopefully be able to spend time having a life with my family," he said.
Rocco Rossi, the first candidate to officially enter the race, was Tory's campaign manager in 2003.
"Great elections require great candidates, and today, Toronto's 2010 mayoralty election lost a great candidate in John Tory," he said.
George Smitherman, the former deputy premier, released a statement wishing Tory well. He is expected to formally register as a candidate on Friday.
Coun. Georgio Mammoliti filed to run earlier this week, and Coun. Joe Pantalone said he will throw his hat in the ring next Wednesday.
Some still-undecided candidates include city budget chief Shelley Carroll and TTC chair Adam Giambrone.
As to his longer-term political future, Tory said one never says never in politics.
With a report from CTV Toronto's Alicia Markson
