President Donald Trump will nominate Richard Spencer, managing director of consulting firm Fall Creek Management, as secretary of the U.S. Navy, Washington Examiner reported Monday.
Philip Bilden, a financier and former intelligence officer at the U.S. Army Reserve, was initially considered for the role but withdrew his nomination due to concerns that his business interests did not meet government ethics requirements.
Spencer previously served as vice chairman and chief financial officer of Intercontinental Exchange, where he managed the transition of the company from private to public.
The finance industry veteran also worked as president of venture capital firm Crossroads Investment Management.
Spencer served in the U.S. Marine Corps from 1976 to 1981 and is currently vice chairman of the Marine Corps Heritage Foundation.
He is also a member of the Chief of Naval Operations Executive Panel and the Global Atlantic Financial Group‘s board of directors, among others.