President Trump's Navy Secretary nominee has withdrawn his name from consideration, Defense Secretary James Mattis confirmed on Sunday.
"Philip Bilden has informed me that he has come to the difficult decision to withdraw from consideration to be secretary of the Navy," Mattis said.
It appears Bilden, who oversaw the private equity firm HarbourVest in Hong Kong for several years, was burdened by potential conflicts of interest.
Bilden's exit echoes that of one-time Army Secretary nominee Vincent Viola, who dropped out after critics insisted he could not adequately serve in the position with so many business ties.
Mattis said he will make a recommendation for a replacement for Navy secretary to President Trump in the coming days.