President Donald Trump's choice to be secretary of the Navy is withdrawing from consideration for the post, citing concerns about privacy and separating himself from his business interests.
The nominee, Philip Bilden, is a businessman and former military intelligence officer in the Army Reserve.
In a statement Bilden says he has determined that he will not be able to satisfy the Office of Government Ethics requirements without what he calls "undue disruption and materially adverse divestment of my family's private financial interests."
Bilden recently retired from a global private equity management firm, HarbourVest Partners LLC, after 25 years.
Defense Secretary Jim Mattis says in a statement that Bilden informed him of the decision. Mattis says he will make a recommendation to Trump for a nominee in the coming days.