Donald Trump taps financier for Navy Secretary post

Washington: US President Donald Trump has tapped financier Richard Spencer for the post of Navy Secretary, according to the White House.

Spencer is Trump`s second pick to be the Navy`s top civilian official. Another wealthy financier, Philip Bilden, was Trump`s first choice for the job, but withdrew due to problems untangling his finances, reports Politico news.

However, Spencer`s nomination must be confirmed by the Senate, the White House said on Friday night.

Spencer is currently 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 Defence Business Board, serving as vice chairman.

Spencer would be the second service secretary to be confirmed, after Air Force Secretary Heather Wilson.

Trump is yet to settle on a nominee for Army Secretary after his two previous picks withdrew.