Millionaire businessman Fred Lampropoulos says he set aside his political ambitions to chase after an unexpected, tantalizing and still secret business opportunity.
Just one week ago, Lampropoulos jumped into the already crowded field of Republicans trying to unseat Sen. Bob Bennett, R-Utah, in 2010. But he made an about-face on Wednesday, deciding his business had to come first.
"At the end of the day, I could not walk away from this opportunity," he said in an interview Thursday shortly after participating in a job summit at the White House.
Lampropoulos is president and CEO of Merit Medical, a major medical device company based in South Jordan.
He refused to detail the new business opportunity other than to say it would be an acquisition he has had his eye on for some time. If successful, he said, it would result in hundreds of new jobs.
Lampropoulos said the decision to drop his brief sprint for Senate was a tough one, in part because of public perception.
"It makes me look silly because one minute I'm in and one minute I'm out, but only because my first duty is to my job and my family," he said.
Five years ago he ran an unsuccessful, largely self-funded campaign for governor.
Lampropoulos is the latest big name to challenge Bennett, only to drop out well before the state Republican convention. Attorney General Mark Shurtleff had raised roughly $200,000 before leaving the race to take care of a daughter who suffers from mental illness.
A number of other challengers remain, all of whom are styling themselves as more conservative than the three-term incumbent, who recently mustered only about 30 percent support in a Deseret News /KSL poll. And with Lampropoulos' departure, the door is open for another high-profile Republican to step in.
"I wouldn't be surprised if one or two more are sizing up this ever-fluid field," said Brigham Young University political scientist Kelly Patterson. "People believe at some level that Senator Bennett is vulnerable but also understand that taking on an incumbent of his stature is fraught with a great deal of work and challenge."
In a statement released by his campaign, Bennett wished Lampropoulos, one of his former fund-raisers, well and promised to continue aggressively seeking re-election.
"I intend to continue to stay focused on securing the Republican nomination, regardless of whoever else may be in the race," he said.
Two of Bennett's GOP rivals, former two-time congressional candidate Tim Bridgewater and Cherilyn Eagar, an activist who has been courting delegates for months, say they'll stick with their campaign strategies regardless of who may jump in. The Republican nominee will go on to face Democrat Sam Granato, a Salt Lake City restaurateur, in the final election.
Lampropoulos, meantime, said he still believes Bennett should be replaced, but isn't sure who he will back.
"I entered the race because, very candidly, I wasn't happy with any of them," he said.
