Trump's pick for navy secretary withdraws citing disruption to financial interests

US President Donald Trump’s pick to be secretary of the navy withdrew from consideration for the post on Sunday, citing concerns about privacy and separating himself from his business interests, becoming the second time a Trump nominee to lead one of the armed services bowed out because of government conflict-of-interest rules.

The nominee, Philip Bilden, was an intelligence officer in the army reserve from 1986 to 1996. He relocated to Hong Kong to set up an Asian presence for HarbourVest Partners, a global private equity management firm. He recently retired from HarbourVest Partners after 25 years.

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 development leaves Trump and Secretary of Defence Jim Mattis without nominees to head both the Navy and Army.

Earlier this month, Vincent Viola, a West Point graduate and former airborne officer, withdrew from consideration to be secretary of the army. The founder of several businesses, including the electronic trading firm Virtu Financial, he also owns the National Hockey League’s Florida Panthers and is a past chairman of the New York Mercantile Exchange.

Viola cited his inability to successfully navigate the confirmation process and defence department rules concerning family businesses. The post remains unfilled.

In a statement, Mattis said he was disappointed but understood Bilden's decision. "In the coming days I will make a recommendation to President Trump for a leader who can guide our Navy and Marine Corps team as we execute the president's vision to rebuild our military," he said.