Investment manager Philip Bilden, the Trump administration’s nominee to be Navy secretary, has withdrawn from consideration, citing “privacy concerns and significant challenges he faced in separating himself from his business interests,” the Pentagon announced Feb. 26.

Defense Secretary Jim Mattis said he will suggest a new candidate to the White House sonavy_logoon. “In the coming days, I will make a recommendation to President Trump for a leader who can guide our Navy and Marine Corps team as we execute the president’s vision to rebuild our military,” Mattis said in a statement.

Navy acquisition chief Sean Stackley has been serving as acting Navy secretary since Jan. 20, the day Trump took office.

Bilden is Trump’s second service secretary nominee to bow out. Wall Street trader Vincent Viola withdrew from consideration for the Army job Feb. 3, reportedly due to difficulty in ending his business ties.