Defense nominee Hagel plans to shed some holdings

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.