Carlo Allegri/Reuters
Ivanka Trump and Jared Kushner.
The AP also reported that Ivanka will not be taking a job in the administration.
The news came shortly before Kushner was formally announced as a senior adviser to the president-elect. He will focus on domestic and foreign policy, particularly on issues related to the Middle East and international trade.
Kushner's appointment could be challenged by a 1967 anti-nepotism law meant to bar officials from hiring relatives, but a Kushner lawyer, Jamie Gorelick, said it does not apply to the White House, citing a later congressional authorization that gives the president "unfettered" and "sweeping" ability to hire in the Executive Branch.
Kushner was expected to resign as CEO of his family's real estate company and as publisher of the New York Observer, as well as divest from "substantial assets" he holds, Gorelick said. He will not be taking a salary in his new West Wing job.
In addition to not taking a formal White House job, Ivanka will leave her executive role in the Trump Organization and in her fashion brands, officials said on a conference call with reporters, according to multiple reports. A Trump transition spokesman did not immediately return a request for comment from Business Insider.
Both Ivanka and Kushner were exepcted to divest from all common stock. Ivanka will now receive a series of fixed payments from a pool of projects, Politico reported.
Trump called Kushner a "tremendous asset" and "trusted adviser" in a statement announcing his appointment.
"I am proud to have him in a key leadership role in my administration," Trump said. "He has been incredibly successful, in both business and now