Get breaking news alerts and special reports. The news and stories that matter, delivered weekday mornings.

President Donald Trump’s pick for secretary of the Army has withdrawn from consideration, White House officials confirmed Friday.

Chief Executive Officer and Owner of the Florida Panthers Vincent Viola on June 26, 2015 in Ft. Lauderdale, Florida. Eliot J. Schechter / NHLI via Getty Images

Vincent Viola is West Point graduate and billionaire businessman who founded Virtu Financial Inc. and is owner of the Florida Panthers NHL franchise.

He is the first nominee to drop out before consideration. The White House officials did not give a reason for the move.

Related: Trump Taps Vincent Viola as Army Secretary

Viola’s decision was first reported by the Military Times, which said the move was partly due to strict Defense Department rules concerning business ties. The news organization said Viola said in a statement he was "deeply honored" to have been nominated.