Story highlights Philip Bilden is the second service secretary nominee to withdraw because of financial interests

Vincent Viola withdrew as Army secretary nominee earlier this month

(CNN) President Trump's nominee for secretary of the Navy, Philip Bilden, has withdrawn his name from consideration, Bilden and Secretary of Defense Jim Mattis said Sunday in statements.

Both Bilden's and Mattis' statements said Bilden's business interests created complications. He recently retired from a private equity investment management firm, according to a White House statement.

"After an extensive review process," Bilden said, "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."

Mattis said: "This was a personal decision driven by privacy concerns and significant challenges he faced in separating himself from his business interests."

Mattis said he'd recommend another nominee to Trump in the coming days.

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