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!

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

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.

In the second MAGA Administration, the hedge-fund manager Scott Bessent will have the job of acting as a voice of reason.