Vincent Viola, a U.S. Army veteran and founder of a high-speed trading firm nominated by U.S. President Donald Trump to be secretary of the army, withdrew his name from consideration on Friday, citing his inability to get around Defense Department rules concerning his family businesses, the Military Times reported.
It quoted Viola as saying in a statement that he would not be able to successfully navigate the confirmation process.
Viola is a former chairman of the New York Mercantile Exchange and is a leader in electronic trading. Along with Virtu CEO Douglas Cifu, he bought the Florida Panthers of the National Hockey League in 2013.