WASHINGTON, March 27 (Reuters) - President Barack Obama plans to nominate Ray Mabus, a former Mississippi governor who went on to be U.S. ambassador to Saudi Arabia, as secretary of the Navy, the White House said on Friday.

If confirmed by the Senate, Mabus, 60, would succeed Donald Winter, who left office on March 13. The secretary oversees all activities of the Navy, including its multibillion-dollar shipbuilding budget.

Mabus served as ambassador to Saudi Arabia from 1994 to 1996. He served as Missippi governor from 1988 to 1992.

Mabus is a former board chairman and chief executive of Foamex International Inc FMXLQ.PK, a producer of cushioning for bedding, furniture, carpet and automotive markets. He helped lead the company out of Chapter 11 bankruptcy less than nine months after his appointment, a White House announcement said. (Reporting by Jim Wolf; Editing by Xavier Briand)