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(CNN) President Trump's nominee for secretary of the Navy, Philip Bilden, has withdrawn his name from consideration, Bilden and Secretary of Defense Jim Mattis said Sunday in statements. 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. “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. Robert Harward, Donald Trump's second pick for National Security Advisor, turns down job offer

"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. "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."
Philip Bilden, nominee for Secretary of the Navy, withdraws his name from consideration. Mr. Bilden says his business interests created complications.