U.S. President Donald Trump's nominee for Navy secretary Philip Bilden has withdrawn his name from consideration citing his financial holdings as the reason.
Bilden informed Defense Secretary James Mattis about his decision.
"After an extensive review process, I have determined that I will not be able to satisfy the Office of Government Ethics requirements without undue disruption and materially adverse divestment of my family's private financial interests," CNN quoted Bilden as saying.
Bilden is an American businessman and private equity investor in Asia, who was nominated by Trump to serve as United States Secretary of the Navy on January 25.
He also served as a military intelligence officer in the U.S. Army Reserve from 1986 to 1996.
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