June 3, 2017, 2:10 AM UTC / Updated June 3, 2017, 2:10 AM UTC / Source : Associated Press

WASHINGTON — President Donald Trump says he's found a new candidate for the civilian post of Navy secretary.

His name is Richard Spencer, and he's a former financial industry executive. Spencer is also a former Marine Corps captain.

The White House says Spencer most recently was managing partner of Fall Creek Management, a privately held management consulting company in Wyoming. Spencer also was vice chairman and chief financial officer for Intercontinental Exchange Inc., a financial market company, and president of Crossroads Group, a venture capital firm that was bought by Lehman Brothers in 2003.

Trump's first choice for Navy secretary, businessman Philip Bilden, withdrew from consideration in February. Bilden cited privacy concerns and the difficulty of separating from his business interests.

The Senate must approve of Spencer's nomination.