Philip Bilden, President Trump’s pick to lead the Navy, is withdrawing from consideration, according to a Sunday night letter.

In his letter, he said he "fully support[s] the president's agenda" but noted that he "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.”

NEW: Navy Secretary nominee Philip Bilden withdraws from consideration, citing challenges separating from business interests. pic.twitter.com/UzThRDA93d — ABC News Politics (@ABCPolitics) February 27, 2017

The investor’s vast financial holdings, many of which he earned in Hong Kong, would make it tough for him to survive the scrutiny of the Office of Government Ethics, USNI News reported.

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Secretary of Defense James Mattis confirmed the news in a statement, saying Bilden's decision was a "personal decision driven by privacy concerns and significant challenges he faced in separating himself from his business interests."

Two other Trump nominees, Army Secretary nominee Vincent Viola and Labor Secretary nominee Andy Puzder, both removed themselves from consideration in recent weeks.