Vincent Viola, President Trump’s choice to be Secretary of the Army, is withdrawing himself from consideration for the post, according to multiple reports.

Viola, who is reportedly worth $1.8 billion, is the founder of electronic trading firm Virtu Financial and was previously the chairman of the New York Mercantile Exchange from 2001 to 2004. He also owns the NHL’s Florida Panthers.

Viola told Trump on Friday that he would be unable to accept the nomination because separating himself from his businesses has proven insurmountable, Bloomberg News reported.

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The extent of Viola’s business holdings would have been detailed in ethics and financial disclosure forms filed during the nomination process, it added.

He planned to transfer ownership of his business venutres to family members and put the hockey team's vice chairman in charge of operations, but the Military Times reported that arrangement did not meet Pentagon requirements.

He is the first Trump nominee to withdraw from consideration.

In a statement obtained reported by Military Times, Viola said he was “deeply honored” to be nominated, but said he would not be able to successfully navigate the confirmation process.

“I offer my continued support for President Trump and his administration, and look forward to redoubling my efforts to support the Army and its veterans as private citizens," he said.

Earlier this month The New York Times reported that Viola was once accused of punching a concessions worker at a racetrack.

Updated 11:12 p.m.