(CNN) President Donald Trump's nominee for Navy secretary, Philip Bilden, has withdrawn his name from consideration.

Bilden said in a statement he informed Defense Secretary James Mattis of his decision.

In the statement Bilden, a financier, cited his financial holdings as the reason, saying "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."

Bilden recently retired as a co-founding member of a global equity investment management firm.

Bilden is the second service secretary nominee to withdraw from consideration. Army secretary nominee Vincent Viola withdrew earlier this month saying he would have trouble disengaging with his business ties.

Developing story - more to come