Vincent Viola, President Donald Trump’s pick asÂ U.S. Army secretary, has decided not to push through with the confirmation process due to the Defense Department‘s rules onÂ business ownership, Military Times reported Friday.
Leo Shane writes that Viola aimedÂ to turn over ownership of his businesses to family members but the plan failed to meet DoD requirements.
Viola is the founder of digital stock trading firm Virtu Financial and owner of the National Hockey League’s Florida Panthers team.
“I offer my continued support for President Trump and his administration, and look forward to redoubling my efforts to support the Army and its veterans as private citizens,” heÂ said in a statement.
Robert Speer, former assistant secretary for financial management at the Army, was appointed to serve as actingÂ secretary of the service branch untilÂ Congress can confirm a permanent successor.