The University of New Hampshire has hired former Portsmouth Mayor Steve Marchand as its head of corporate relations. In the wake of massive budget cuts, Marchand will be charged with “strengthening the relationship between the university and business leaders throughout the state,” according to a university press release.

The state Legislature recently cut $32.5 million from UNH’s budget, reinforcing the school’s need to generate alternate revenue streams.

“This position gives me the opportunity to combine my two passions—education and entrepreneurialism—as we partner across the state and beyond with the private sector to work toward the same goals—strength and sustainability in our job market, our skilled workforce, and our culture of globally-competitive innovation,” Marchand said in the release.

Marchand will start his new job on Jan. 3, quashing rumors that he might run for governor in 2012. Former state Sen. Maggie Hassan remains the only Democratic candidate to enter the gubernatorial race, so far. Gov. John Lynch has announced he will not run for reelection.

Marchand began a two-year term as mayor of Portsmouth in 2006. He ran for U.S. Senate in 2007 but later dropped out of the race to support Sen. Jeanne Shaheen. He has since been running his political consulting firm, The Marchand Group.