After weeks of deliberation, Herbold, 61, called the job a "bad fit" that isn't suited to his experience and talents.

"Getting things done in a business world is far different than getting things done in a political world," Herbold told The Associated Press. "There's an awful lot of people who are operating independently, with their first priority being themselves."

Herbold, a retired Microsoft chief operating officer, also cited ongoing commitments, including a book contract, seats on corporate boards and consulting contracts.

GOP leaders - especially state Chairman Chris Vance, want to agree early on a candidate who could unite the party, avoid a fractious primary battle and win the governor's mansion for the first time in more than two decades. Bloody primaries in recent elections have left the GOP with conservative nominees who didn't appeal to swing voters.

Herbold was especially attractive because he would have brought millions of his own money to the table as well as the patina of one of the world's most successful companies.

Democratic Gov. Gary Locke touched off a free-for-all for governor last month when he announced he wouldn't seek a third term.

Within a few moments, Attorney General Christine Gregoire jumped into the Democratic primary race, joining former Supreme Court Justice Phil Talmadge. King County Executive Ron Sims joined shortly thereafter.

Before Locke announced his decision, Western Wireless chief executive John Stanton became the first to dash the GOP's hopes for a wealthy savior. Then U.S. Rep. George Nethercutt, a Spokane Republican, ruled out a run and later chose to tackle Democratic U.S. Sen. Patty Murray instead. Several other Republicans have waited for Herbold to make his move.

"It would be quite a sacrifice on his part, having already retired," said Senate Ways and Means Chairman Dino Rossi, a Sammamish Republican considered a likely candidate in Herbold's absence. "He would have made a fine governor."

Rossi, 43, said he hasn't decided yet whether to run, citing a need to calculate a campaign's impact on his young family and weigh the prospect of giving up the powerful budget-writing chairmanship. Also, he said, a candidate without Herbold's means faces the task of raising the several million dollars necessary to battle the Democratic nominee in the fall of 2004.

"Will I have the grass-roots support? Probably," Rossi said. "The other would be the financial support. You have to raise five-six million dollars."

Rossi and King County Councilman Rob McKenna, who's also mentioned as a possible candidate for attorney general, had both said they would support Herbold if he chose to run. Rossi said he would decide within the next few months.

Herbold's decision means more headaches for Vance, who has championed the search for a moderate candidate who can compete with the Democrats in the battleground suburbs around Seattle.

"We'll find somebody," said Mary Lane, a party spokeswoman. "We will have a candidate for governor." Vance himself was on vacation in Oregon, she said.

For Democrats, Herbold's decision to take a pass on the race was good news, further sign that such a centrist GOP heavyweight doesn't exist.

"The Republicans have a very weak bench," said Roger Nyhus, Locke's spokesman. "Chris Vance will be scratching his head."

Thus far, the only Republican who has declared for governor is Federico Cruz, the director of the Tacoma-Pierce County Health Department. Vance openly dismissed Cruz's candidacy and suggested that he should run for lesser office.

Cruz, 53, has been traveling the state talking to local Republican activists, where he says he's found little support for Vance's one-candidate strategy.

"They want candidates that will come to their communities and will get up in front of them and talk about the issues," Cruz said. "They want to compare and contrast."

Retired House Speaker Clyde Ballard of East Wenatchee has said he might launch an election campaign, but only if the circumstances were right. However, with a history of partisan conservative battles and an Eastern Washington base, Ballard isn't the kind of suburban centrist Vance has said he's seeking.