Story highlights Philip Bilden is the second service secretary nominee to withdraw because of financial interests

Vincent Viola withdrew as Army secretary nominee earlier this month

(CNN) President Trump's nominee for secretary of the Navy, Philip Bilden, has withdrawn his name from consideration, Bilden and Secretary of Defense Jim Mattis said Sunday in statements.

Both Bilden's and Mattis' statements said Bilden's business interests created complications. He recently retired from a private equity investment management firm, according to a White House statement.

"After an extensive review process," Bilden said, "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."

Mattis said: "This was a personal decision driven by privacy concerns and significant challenges he faced in separating himself from his business interests."

Mattis said he'd recommend another nominee to Trump in the coming days.

Read More</s>WASHINGTON – President Donald Trump’s nominee for Navy secretary, Philip Bilden, has withdrawn his name from consideration.

Bilden said in a statement he informed Defense Secretary James Mattis of his decision.

In the statement Bilden, a financier, cited his financial holdings as the reason, saying “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.”

Bilden is the second service secretary nominee to withdraw from consideration.

Army secretary nominee Vincent Viola withdrew earlier this month saying he would have trouble disengaging with his business ties.</s>President Trump’s nominee for secretary of the Navy, Philip Bilden, has withdrawn his name from consideration, Bilden and Secretary of Defense Jim Mattis said Sunday in statements.

Both Bilden’s and Mattis’ statements said Bilden’s business interests created complications. He recently retired from a private equity investment management firm, according to a White House statement.

“After an extensive review process,” Bilden said, “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.”

Mattis said: “This was a personal decision driven by privacy concerns and significant challenges he faced in separating himself from his business interests.”

Mattis said he’d recommend another nominee to Trump in the coming days.

A week ago, White House Press Secretary Sean Spicer countered a report by Major Garrett of CBS News that two sources had told him Bilden was likely to withdraw from consideration for the Navy job.

Spicer tweeted on February 18: “Those people would be wrong. Just spoke with him and he is 100% commited to being the next SECNAV pending Senate confirm.”

A White House statement said he recently retired as a co-founding member and at HarbourVest Partners LLC, “a global private equity investment management firm with institutional assets under management currently in excess of $42 billion.” He’d been with the firm 25 years, the statement said.

Bilden served in the US Army Reserve as a military intelligence officer from 1986-1996, the statement said.</s>(Navy Times) -- President Trump's nominee for secretary of the Navy withdrew from consideration because of extensive financial ties that would not meet the Defense Department's rigorous ethics standards, the Pentagon confirmed Sunday evening.

Philip Bilden, who spent most of his professional career as a Hong Kong-based financier, withdrew from consideration because his ties in Asia "would likely not meet the Office of Government Ethics standards to serve in the position," according to a report from USNI News, which broke the news.

In a statement, Defense Secretary Jim Mattis expressed his disappointment and said he'd make a recommendation in the coming days for a Navy secretary.

See Also: Mixed reactions to Trump's Navy Secretary pick

"This was a personal decision driven by privacy concerns and significant challenges he faced in separating himself from his business interests," Mattis said, in reference to Bilden's withdrawal. "While I am disappointed, I understand and his respect his decision, and know that he will continue to support our nation in other ways.

"In the coming days I will make a recommendation to President Trump for a leader who can guide our Navy and Marine Corps team as we execute the president's vision to rebuild our military."

Rumors broke last weekend that Bilden was set to withdraw but were quickly stamped out by the White House.

A request for comment from the White House was not immediately returned.

Bilden is the second service secretary nominee to withdraw because of complicated financial holdings and business holding. On Feb. 4, news broke that businessman Vincent Viola withdrew from consideration for Secretary of the Army, citing difficulty disentangling business holdings.

Bilden served in the Army Reserve from 1986 through 1996. He has been active in supporting both the Naval Academy and the Naval War College, and has a child at the Naval Academy.

Bilden's withdrawal will likely renew speculation that former House Armed Services Committee member Randy Forbes could get the job. Forbes led the committee's Seapower and Projection Forces subcommittee and is intimately familiar with the issues confronting the Navy and Marine Corps. Forbes also served as an adviser to the Trump campaign.

Sean Stackley, who was for years the Navy's top acquisition boss, is currently the acting secretary of the Navy.</s>President Donald Trump’s choice to be secretary of the Navy, businessman Philip Bilden, said Sunday he was withdrawing from consideration for the post, citing concerns about privacy and separating himself from his business interests.

Bilden’s withdrawal raises similar issues to that of Vincent Viola, Trump’s nominee for Army secretary who stepped aside earlier this month. Just last week, the Pentagon sought to tamp down reports that Bilden might pull out.

Bilden was an intelligence officer in the Army Reserve from 1986-1996. He relocated to Hong Kong to set up an Asian presence for HarbourVest Partners LLC, a global private equity management firm. Bilden recently retired from HarbourVest Partners after 25 years.

In a statement released Sunday by the Pentagon, Bilden said he determined that he would not be able to satisfy the Office of Government Ethics requirements without what he called “undue disruption and materially adverse divestment of my family’s private financial interests.”

Defence Secretary Jim Mattis said in a statement that he would make a recommendation to Trump for a nominee in the coming days.

On Feb. 19, after press reports suggested that Bilden might drop out, the Pentagon issued a statement saying Bilden had assured Mattis he remained committed to serving as Navy secretary if confirmed by the Senate and that Mattis was confident Bilden was “the right leader” to rebuild the Navy and Marine Corps.

Viola cited his inability to successfully navigate the confirmation process and Defence Department rules concerning family businesses. A military veteran and former Airborne Ranger infantry officer, he was also the founder of several businesses, including the electronic trading firm Virtu Financial. He also owns the National Hockey League’s Florida Panthers and is a past chairman of the New York Mercantile Exchange.</s>President Donald Trump's nominee to be secretary of the Navy, Philip Bilden, withdrew from consideration Sunday.

In a statement, Bilden said he supports Trump's agenda:

"However, 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."

"This was a personal decision driven by privacy concerns and significant challenges he faced in separating himself from his business interests. While I am disappointed, I understand and respect his decision, and know that he will continue to support our nation in other ways."

Trump nominated Bilden on January 25. In a statement announcing Bilden's nomination, the White House said:

"After 25 years, Mr. Bilden recently retired as a co-founding member and Senior Advisor of HarbourVest Partners, LLC, a leading global private equity investment management firm with institutional assets under management currently in excess of $42 billion."

Bilden had spent the past two decades living in Hong Kong.

Trump's nominee for secretary of the Army, Vincent Viola, also withdrew from consideration because of his financial interests.</s>Both Bilden's and Mattis' statements said Bilden's business interests created complications. He recently retired from a private equity investment management firm, according to a White House statement.

"After an extensive review process," Bilden said, "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."

Mattis said: "This was a personal decision driven by privacy concerns and significant challenges he faced in separating himself from his business interests."

Mattis said he'd recommend another nominee to Trump in the coming days.

A week ago, White House Press Secretary Sean Spicer countered a report by Major Garrett of CBS News that two sources had told him Bilden was likely to withdraw from consideration for the Navy job. Spicer tweeted on February 18: "Those people would be wrong. Just spoke with him and he is 100% commited to being the next SECNAV pending Senate confirm." Those people would be wrong. Just spoke with him and he is 100% commited to being the next SECNAV pending Senate confirm. https://t.co/AfRZfQQCzG — Sean Spicer (@PressSec) February 18, 2017 This is the second service secretary nominee to withdraw because of financial interests. Vincent Viola withdrew as Army secretary nominee earlier this month citing trouble disengaging with his business ties. "Mr. Viola has informed President Trump that he will be unable to accept his nomination to serve as secretary of the Army as the challenges of separating Mr. Viola from the organizations that he has built over the last thirty-five years have proven insurmountable," a statement from his team said. A White House statement said he recently retired as a co-founding member and at HarbourVest Partners LLC, "a global private equity investment management firm with institutional assets under management currently in excess of $42 billion." He'd been with the firm 25 years, the statement said. Bilden served in the US Army Reserve as a military intelligence officer from 1986-1996, the statement said.</s>United States President Donald Trump's nominee for the secretary of the US Navy, Philip Bilden, has withdrawn his candidacy, the Pentagon on Sunday said. Bilden is the latest candidate in a series of nominees who have removed their names from consideration to be included in Trump's administration.

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"This was a personal decision driven by privacy concerns and significant challenges he faced in separating himself from his business interests," Defence Secretary Jim Mattis said. "While I am disappointed, I understand and respect his decision, and know that he will continue to support our nation in other ways," Mattis added saying that he would soon suggest a new nominee for the position.

Concerns over Bilden's ability to separate from his holdings, many of which are in Hong Kong, clouded his nomination, the Associated Press reported. Bilden is a prominent businessman and private equity investor.

Bilden was being considered for the position of secretary of the Navy who serves as the chief executive officer for both the Navy and the Marine Corps. The businessman declined the nomination soon after the US Army secretary nominee Vincent Viola took the same decision over concerns about his ability to separate from his business holdings. Trump's nominee for labour secretary Andrew Puzder also withdrew his candidacy after facing intense scrutiny for his business record and controversies over his personal life.

Trump's former National Security Adviser was removed from his position over his links with Russia. Michael Flynn had made a phone call in December 2016 to Russian Ambassador to the US, Sergey Ivanovich Kislyak, soon after the Obama administration imposed new sanctions on Russia for interfering with the US elections.

Trump's second pick for the position of his National Security Adviser, Admiral Robert Harward, has reportedly turned down the offer too citing personal reasons. The US president subsequently last week on Monday chose a prominent military strategist, Army Lt. Gen. H R McMaster, as the new National Security Adviser.</s>WASHINGTON D.C. — President Trump’s nominee for Navy Secretary, Philip Bilden, has withdrawn his name from consideration.

In withdrawing from consideration for the post, he cited concerns about privacy and separating himself from his business interests.

Bilden was an intelligence officer in the Army reserve from 1986-1996.

Defense Secretary Jim Mattis said in a statement that he would make a recommendation to President Trump for a nominee in the coming days.</s>President Donald Trump’s nominee for Navy secretary, Philip Bilden, withdrew from consideration Sunday, becoming the second Pentagon pick unable to untangle his financial investments in the vetting process.

"Mr. Philip Bilden has informed me that he has come to the difficult decision to withdraw from consideration to be secretary of the Navy," Defense Secretary Jim Mattis said in a statement. "This was a personal decision driven by privacy concerns and significant challenges he faced in separating himself from his business interests."

Mattis added that he would make a recommendation to the White House for a new nominee "in the coming days."

Bilden, who built his career in Hong Kong with the investment firm HarbourVest, was a surprise pick for the Navy post but had been Mattis’ preferred candidate.

Yet like billionaire investment banker Vincent Viola, who withdrew his nomination to be secretary of the Army earlier this month, Bilden ran into too many challenges during a review by the Office of Government Ethics to avoid potential conflicts of interest, according to sources familiar with the decision.

"I informed secretary of Defense Mattis with regret that I respectfully withdraw from consideration as Nominee for the 76th secretary of the Navy," Bilden said in a statement Sunday.

"I fully support the President's agenda and the Secretary's leadership to modernize and rebuild our Navy and Marine Corps, and I will continue to support their efforts outside of the Department of the Navy," Bilden continued. "However, 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."

Bilden's withdrawal leaves Mattis with just Air Force Secretary nominee Heather Wilson, a former New Mexico Republican congresswoman, in line for a top political post at the Pentagon.

Her Senate confirmation hearing has not yet been scheduled, and her ethics agreement has not been finalized with the Office of Government Ethics.

Bilden served as an intelligence officer in the Army Reserve from 1986 to 1996 and is on the board of directors of the U.S. Naval Academy Foundation and the board of trustees of the Naval War College Foundation.

He moved to Hong Kong in 1996 to launch HarbourVest’s Asian subsidiary and recently retired from the firm, according to a White House biography released when he was nominated.

Last week White House press secretary Sean Spicer denied a report that Bilden could be withdrawing. “Just spoke with him and he is 100% commited (sic) to being the next SECNAV pending Senate confirm,” Spicer tweeted.

Spicer's earlier denial came the same week that National Security Adviser Michael Flynn resigned from his post, and retired Vice Adm. Robert Harward declined to take the job. That ultimately went to Lt. Gen. H.R. McMaster. Trump’s first pick for Labor Secretary, Andrew Puzder, also withdrew that same week.
Philip Bilden, nominee for Secretary of the Navy, withdraws his name from consideration. Mr. Bilden says his business interests created complications.