Dan Jarvis has ruled out himself out of the Labour leadership contest, saying he wants to put his children before his immediate political career.
The ex-Army paratrooper, who gave up his military career to become an MP in 2011, had been seen by many in the party as an ideal candidate to give the party a fresh start after Ed Miliband’s resignation.
But Mr Jarvis, who held his Barnsley Central seat with an increased majority, said while he wanted to be part of the “rebuilding process” he could not take the top job.
He said the general election “delivered a devastating result for the Labour Party and the prospect of five bleak years ahead for our country”.
“I’m ready to serve in that rebuilding process as part of the Labour team. But I can’t do that as leader at this moment and I won’t be putting my name forward in the coming leadership contest,” he said.
“My eldest kids had a very tough time when they lost their mum and I don’t want them to lose their dad.
“I need some space for them, my wife and our youngest child right now, and I wouldn’t have it as leader.”
Joining a wave of stinging internal criticism of Mr Miliband’s campaign, he said Labour had allowed the Tories to appear “more serious than us about spreading wealth across the country.
“Never again can we allow ourselves to be painted as having a problem with people eager to work hard, get on and succeed. They should know that Labour will always be their champion.”
Mr Jarvis recently remarried after losing his first wife after a four-year battle against cancer in 2010.
His announcement leaves shadow health minister Liz Kendall the only declared candidate with shadow business secretary Chuka Umunna and shadow education secertary Tristram Hunt dropping hints they would also join the race.
Mr Umunna earlier said he would “play the fullest part I can” while Mr Hunt said he is “definitely thinking about” running for Labour leader.
Fellow MPs applauded Mr Jarvis’ decision but regretted the loss to the potential line-up which it is thought could eventually also include shadow health secretary Andy Burnham and shadow home secretary Yvette Cooper.
“Not just another me, me, me MP. Precisely why he would have been good. Impossible not to respect his values,” John Mann wrote on Twitter.
The Parliamentary Labour Party will start to regroup at a Westminster meeting today under the interim leadership of Harriet Harman who has said she will step down as deputy leader once a new leader and deputy has been elected.
A meeting of the National Executive Council is due in the coming days to thrash out a timetable for the election.