Here’s the full statement:

After spending the last few months considering a run for Governor, I have decided to suspend my campaign and return all campaign contributions. While I am deeply appreciative of the support of those who know me well, I have come to the conclusion that as a newcomer to politics, my limited political experience and political network in Rhode Island will keep me from running a fully competitive campaign. I am still concerned about the critical issues facing our State and hope to use my knowledge and experience to make Rhode Island a better place both now and in the future.
I would like to especially thank Republican Party Chairman Giovanni Cicione for his encouragement and leadership. He has been a strong and skilled voice for the Rhode Island Republican Party, and he will have my support as he continues to grow and strengthen the Party in the years ahead.