Part of his statement reads:
However, after much thought and consideration I have decided to return to the private sector, where I have spent most of my professional life, and will not seek re-election in 2012.
Notwithstanding this decision, I have every intention of remaining involved in the issues that affect the well-being and the future of our country.
Webb's retirement will likely flip this Senate seat into the likely Republican column. The Democrats currently control both of the Old Dominion's Senate seats while losing the Governor's mansion in 2009.
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