U.S. President Donald Trump's choice for Secretary of the Navy (SECNAV) Philip Bilden has withdrawn from consideration.
In a statement on Sunday, Bilden said that "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."
The move comes about a week after White House Press secretary Sean Spicer denied reports Bilden was likely to withdraw.
There are now no nominees for either the head of the Navy or the Army.
Vincent Viola, whom the president had picked to be secretary of the Army, withdrew earlier this month.
Additionally, Michael Flynn resigned from the post of national security adviser after accusations he lied to White House colleagues about his contact with Russian officials.
Bilden founded the Hong Kong branch of HarbourVest Partners, a Boston-based investment fund, and ran its operations from 1996 to 2012. He is a 10-year veteran of the U.S. Army Reserve, where he served as a military intelligence officer and attained the rank of captain.
Bilden's recent experience includes service on the U.S. Naval Academy Foundation's development committee and on the board of the Naval War College Foundation. He also serves on the board of visitors of Georgetown University School of Foreign Service and the Asia Pacific Advisory Board of Harvard Business School.