President Donald Trump announced his intention to nominate Richard Spencer as the 76th Navy secretary, according to a Friday evening White House statement.

Spencer is a financial industry executive who served in the Marine Corps from the late 1970s until 1981 and served on the Defense Business Board from 2009 to 2015 where he finished as vice chairman.

Richard Spencer, President Trump's nominee as the 76th secretary of the Navy. Photo: Center for a New American Security.
Richard Spencer, President Trump’s nominee as the 76th secretary of the Navy. Photo: Center for a New American Security.

He was also appointed to the Chief of Naval Operations’ Executive Panel on Feb. 24, 2016 and transitioned to his current role as an Executive Advisor on Dec. 9, 2016, a Navy spokesperson told Defense Daily.

Spencer is the second nominee for the Navy secretary position after the first nominee, investment manager Philip Bilden, withdrew from consideration in February. Bilden said his withdrawal was due to privacy concerns and challenges in separating himself from his business interests (Defense Daily, Feb. 27).

Spencer most recently served as the Managing Partner for investment company Fall Creek Management, LLC and previously served as the vice chairman and chief financial officer for International Exchange, Inc. [ICE], president of Crossroads Group, LLC, and other roles in the finance industry.

He is also on the advisory board for the Center for a New American Security (CNAS), the board of directors of Global Atlantic Financial Group, the vice chairman of the Marine Corps Heritage Foundation, and the roundtables membership group of the Center for Strategic and International Studies.