Along with Chris Christie, Giuliani was one of Trump's most outspoken allies on the campaign trail and was rumored to have his name in the running for secretary of state. Mitt Romney is also reportedly being considered for that role, but some of Trump's closest supporters have branded the former Massachusetts governor untrustworthy and disloyal.
"Before I joined the campaign I was very involved and fulfilled by my work with my law firm and consulting firm, and I will continue that work with even more enthusiasm," Giuliani wrote in the joint statement. "I look forward to helping the president-elect in any way he deems necessary and appropriate."
"Rudy would have been an outstanding member of the cabinet in several roles, but I fully respect and understand his reasons for remaining in the private sector," Trump said in the same statement.
And just to clear up any questions or confusion regarding Giuliani's abrupt departure, Trump's incoming chief-of-staff, Reince Priebus, wrote that the former mayor was vetted "for any possible conflicts and passed with flying colors." Good to know.