Story highlights Linda McMahon is twice a Republican candidate for US Senate in Connecticut

Donald Trump described her as "a phenomenal leader and champion for small businesses"

(CNN) President-elect Donald Trump picked Linda McMahon, former CEO of World Wrestling Entertainment, to serve as the administrator of the Small Business Administration, his transition announced Wednesday.

"Linda has a tremendous background and is widely recognized as one of the country's top female executives advising businesses around the globe," Trump said in a statement. "She helped grow WWE from a modest 13-person operation to a publicly traded global enterprise with more than 800 employees in offices worldwide."

He continued, "Linda is going to be a phenomenal leader and champion for small businesses and unleash America's entrepreneurial spirit all across the country."

McMahon is the co-founder of the professional wrestling franchise WWE along with her husband, Vince McMahon, and twice a former Republican Senate candidate from Connecticut. She stepped down from her duties at WWE in 2009 and ran two failed bids for the Senate in 2010 and 2012.

She's donated $6 million in August and September to Rebuilding America Now, a super PAC that supported Trump's presidential bid. And she gave an additional $1 million in October to another super PAC backing Trump.

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