Takanobu Ito has now succeeded former chief executive Takeo Fukui, who due to the global financial crisis decided to withdraw Honda from the sport and hand the Brackley team to its current owners headed by Ross Brawn.
"It was a real shame that we had to leave formula one," Ito is quoted as saying from Tokyo.
Financial considerations aside, he suggested F1 has become less attractive due to its regulatory restrictions.
"On the other hand, F1 is becoming less of a medium in which companies can test their various strengths and more of an event with mounting restrictions.
"There's little room for us to challenge new fields, so bearing in mind the current state of series, I don't think we have the desire to return, even if the economy improves," he added.
Meanwhile, given the withdrawal from the F1 calendar of Fuji Speedway, Ito said he did not know if Honda-owned Suzuka will take over as the new permanent host of the annual Japanese grand prix.