US President Donald Trump's nominee for secretary of the Navy, Philip Bilden, has withdrawn his name from consideration, Bilden and Secretary of Defense Jim Mattis said in statements. 
Both Bilden and Mattis' statements said that 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 would recommend another nominee to Trump in the coming days, according to the (CNN). 
The White House nominated Bilden on January 25. Bilden served in the US Army Reserve as a military intelligence officer from 1986-1996. 
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.

Source: QNA