CORVALLIS – Former Hewlett-Packard Co. executive Steve Shields announced Thursday that he has withdrawn from the May 2010 Democratic primary race for governor.

The announcement came  five weeks after Shields, a Corvallis resident, announced his candidacy.

“Despite our best efforts, we have not been able to reach the aggressive fundraising goals we believed necessary to mount a competitive campaign,” said Shields, 53.

Shields, a newcomer to politics, said he did not know what kind of welcome to expect from political insiders when he began his exploration more than a year ago.

“I was pleased to find that nearly everyone was open to and willing to listen to a new voice,” Shields said.

“In the end, while money is what’s driving our decision today, it’s not the only factor,” he said. “I found that other aspects of campaigning did not play to my personal strengths and that, at this time, my talents would be better suited to other endeavors.”

“I will seek other ways to contribute to our state’s future prosperity. But I have no regrets,” he added. “Our toughest problems fall to our political leaders to solve. I encourage others to take heart and try what I did. It can be done.”

Shields said he initiated his campaign to address Oregon’s most important challenges: reversing the state’s chronic unemployment and stabilizing education funding.  He said he remains committed to contributing to the solving of these problems.