FEBRUARY 27, 2017—President Trump’s choice for the Secretary of the Navy, Philip Bilden, has withdrawn his name from consideration, according to media reports.
As we previously reported, in nominating Bilden, a former private equity investment manager, the President had said that Bilden would "apply his terrific judgment and top-notch management skills to the task of rebuilding our unparalleled Navy."
But apparently Bilden could not unwind himself from his financial investments in order to move forward with the nomination. According to the New York Times report, Bilden said in a statement, "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."
Secretary of Defense Jim Mattis issued the following statement: