Richard Spencer is President Donald Trump's second pick to be the Navy's top civilian official. | Getty Trump taps Spencer to be Navy secretary

President Donald Trump has tapped financier Richard Spencer to be Navy secretary, the White House announced Friday.

Spencer is Trump's second pick to be the Navy's top civilian official. Another wealthy financier, Philip Bilden, was Trump's first choice. He withdrew due to problems untangling his finances.


Spencer is now the managing director of venture capital firm Fall Creek Management. He served as an officer in the Marine Corps and held a spot on the Defense Business Board, serving as vice chairman.

Spencer's nomination must be confirmed by the Senate. He would be the second service secretary to be confirmed, after Air Force Secretary Heather Wilson. Trump has yet to settle on a nominee for Army secretary after two previous picks withdrew.