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Giuliani bows out of State Department running as Exxon chief moves up the list

President-elect Donald Trump says Rudy Giuliani is taking himself out of consideration for a position in his administration.

Giuliani, a loyal Trump supporter throughout the campaign, was an early front-runner to be secretary of state. But he faced questions about his overseas business ties and Trump began looking at other candidates, including Mitt Romney.

In a statement, Trump said Giuliani would have been an "outstanding" Cabinet secretary in several roles. He says he respects the former New York City mayor's decision to remain in the private sector. On Friday, CNN reported that Rex Tillerson, the CEO of oil giant ExxonMobil, was moving up Trump's list for the top diplomatic post.

Reince Priebus, Trump's incoming White House chief of staff, says Giuliani was vetted by the transition team for possible conflicts and "passed with flying colors."

Trump has yet to announce his pick to lead the State Department.