WASHINGTON (AP) — Secretary of Defense nominee Chuck Hagel is promising to divest some of his financial holdings and resign from several corporate boards and public interest groups to avoid potential conflicts of interest if he wins Senate confirmation.
Hagel told Defense officials in a letter last week that he would resign his corporate board post at Chevron Corp. and shed investments in the energy firm, a major government contractor. He would also cut ties and investments with the McCarthy Group LLC, an Omaha-based private equity firm.
Hagel's latest financial disclosure lists assets between $2.8 and $6 million and earnings of more than $1 million last year, including director's fees at Deutsche Bank, Zurich Insurance Group and Corsair Capital. Hagel said he would also server ties to those firms.