President Donald Trump's pick for Navy secretary, Philip Bilden, withdrew his name from consideration Sunday night, citing concerns about separating himself from his business interests.
Bilden released a statement saying he informed Defense Secretary James Mattis of his decision.
In that statement, Bilden who is a financier said, "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 reasoning mirrors that of Trump's nominee for Army secretary, Vincent Viola, who withdrew his name from consideration, citing similar difficulties divesting himself from his business.
Bilden, who served as an intelligence officer in the Army Reserve from 1986-1996, said in a statement that he hopes to support Trump's efforts outside the Department of the Navy.
"I am deeply grateful for Secretary Mattis' enduring support and confidence throughout the nomination process," Bilden added in a statement.
Mattis told Politico's Jeremy Herb that he would make a recommendation to the White House for a new nominee "in the coming days."
This news comes a week after White House press secretary Sean Spicer denied reports that the Bilden could be withdrawing.
"Just spoke with him and he is 100% committed to being the next SECNAV pending Senate confirm,” Spicer tweeted on Feb. 18.