President-elect Donald Trump has selected businessman John Phelan as his nominee to lead the Navy, according to a statement released on Tuesday night. “It is my great honor to announce John Phelan as our next United States Secretary of the Navy!

Financer John Phelan has been tapped as Donald Trump’s nominee for the next Secretary of the Navy, according to a late Tuesday statement. Phelan is the founder of private equity firm Rugger Management LLC and previously served as the chairman and chief investment officer of the firm that oversaw the fortune of Dell Technologies founder Michael Dell.

U.S. President-elect Donald Trump on Tuesday said he was picking John Phelan, who co-founded MSD Capital, as Navy secretary.

President-elect Donald Trump announced key appointments for his upcoming administration. Businessman John Phelan will lead the Navy, economist Kevin Hassett will chair the National Economic Council, and speechwriter Vince Haley will head the Domestic Policy Council.

President-elect Donald Trump continued staffing his new administration on Tuesday night, announcing names for key roles involving health care, the military and domestic policy coordination.