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Sen. Mitt Romney, R-Utah, on Wednesday announced that he is not seeking re-election in 2024 in a statement bashing both President Biden and former President Donald Trump while calling for "a new generation of leaders."

"I have spent my last 25 years in public service of one kind or another. At the end of another term, I’d be in my mid-eighties. Frankly, it’s time for a new generation of leaders. They’re the ones that need to make the decisions that will shape the world they will be living in," Romney said in a statement obtained by Fox News Digital.

"We face critical challenges — mounting national debt, climate change, and the ambitious authoritarians of Russia and China. Neither President Biden nor former President Trump are leading their party to confront them," Romney said.

Sen. mitt romney, R-Utah

Sen. Mitt Romney, R-Utah, speaks to members of the press on Capitol Hill in Washington, D.C., on June 1, 2023. (Ting Shen/Bloomberg via Getty Images)

"On the deficits and debt, both men refuse to address entitlements even though they represent two thirds of federal spending. Donald Trump calls global warming a hoax and President Biden offers feel-good solutions that will make no difference to the global climate," he added.

With respect to China, Romney said, "President Biden underinvests in the military and President Trump underinvests in our alliances. Political motivations too often impede the solutions that these challenges demand. The next generation of leaders must take America to the next stage of global leadership."

"While I’m not running for re-election, I’m not retiring from the fight. I’ll be your United States Senator until January 2025. I will keep working on these and other issues and I will advance our state’s numerous priorities. I look forward to working with you and with folks across our state and nation in that endeavor," he said.

Donald Trump

Romney voted to convict former President Donald Trump following both of his impeachment trials. (Sean Rayford/Getty Images)

"It is a profound honor to serve Utah and the nation, and I thank you for giving me the opportunity to do so."

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It comes as questions have swirled over his political future. Romney, who was the GOP's presidential candidate in 2012, has faced blowback from his own party over his vocal criticism of Trump. Romney had voted to convict Trump in both of his impeachment trials. 

He was first elected to the Senate from Utah in 2018, winning the GOP primary in landslide.

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But his willingness to reach across the aisle and criticize other national Republicans has caused friction with the Utah GOP. Last month, more than 60 GOP Utah state lawmakers endorsed Utah state House Speaker Brad Wilson to mount a primary challenge against Romney. 

Wilson had formed a Senate exploratory committee in April but has not yet made a formal entrance into the race.