Vincent Viola, President Donald Trump’s nominee for secretary of the Army, has chosen to withdraw his name from consideration.
The native New Yorker (and billionaire) reportedly removed himself from the nomination due to his inability to get around Defense Department rules concerning his family businesses, the Military Times reported.
Viola, 60, is a former U.S. Army infantry officer and the founder of several companies including the high-frequency trading firm Virtu Financial.
As Army secretary, Viola would have overseen 473,000 active duty soldiers.
Now, Defense Secretary James Mattis is tasked with finding a replacement nominee.
“Secretary Mattis is disappointed but understands and respects Mr. Viola’s decision,” a Pentagon statement said, adding that Mattis would recommend another candidate soon.
Scroll down to find out more about Viola.