"It is my great honor to announce John Phelan as our next United States Secretary of the Navy! John will be a tremendous force for our Naval Servicemembers, and a steadfast leader in advancing my America First vision. He will put the business of the US Navy above all else," Trump said in a statement.
Phelan is one of the founders of MSD Capital. He holds a diploma in political studies and a major in business administration.
"His incredible knowledge and experience will elevate the lives of the brave Americans who serve our Nation. John will deliver real results for our Navy and our Country. I look forward to working with him," the statement read.
A presidential election took place in the United States on November 5. Republican candidate Trump, who served as the US president from 2017-2021, was declared the winner by all leading race callers and networks. Democratic candidate Kamala Harris conceded defeat in an address to supporters.