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The co-chairman of the Commission on Fiscal Stability and Economic Growth and the former president of Webster Bank has decided against a run for governor.

In a statement Tuesday, Smith said his enrollment with the Republican Party in March came too late to meet the “effective date of enrollment” rules and make it onto the August primary ballot.

He said he could challenge the interpretation of the enrollment rules, which essentially don’t allow him to become a Republican until June 21, “I’ve elected not to do so since such an action could disrupt the nomination process and divert attention from the important issues face by our great but faltering state.”

Smith was enrolled with the Independent Party before switching his registration to the Republican Party on March 21. There’s a three month cooling off period between going from one party to another party. The Independent Party in Connecticut has two factions, one from Waterbury and one from Danbury.

If Smith had been an unaffiliated voter he would not have faced these same hurdles.

“I’m disappointed that I won’t have the opportunity to participate, since I believe I have the experience,leadership skills and commitment needed to work with the legislature to bring about the fundamental changes that will put our state government and economy back on solid footing,” Smith said in a statement.