President Trump plans to nominate Richard Spencer to be secretary of the Navy, the White House announced Friday evening.

Spencer, who has been Trump's rumored pick for months, most recently served at the investment company Fall Creek Management as a managing partner, the White House said.

He has years of experience in finance, and serves as a U.S. Marine Corps Captain, having spent five years on the Defense Business Board, including in the role of vice chair.

ADVERTISEMENT

Spencer is Trump's second pick for Navy secretary, after Philip Bilden withdrew from consideration for the position in February out of concerns about divesting from his business interests.

Other Trump military picks have withdrawn their nominations, including two for Army secretary: Vincent Viola withdrew his name out of concerns about divesting from his financial holdings, while Tennessee state senator Mark Green (R) withdrew his nomination amid fierce opposition over past comments about LGBT issues, Islam and evolution.