President-elect Donald Trump on Tuesday said he was picking John Phelan, who co-founded MSD Capital, as Navy secretary:
"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 U.S. Navy above all else.
"John has excelled in every endeavor, from founding and leading Rugger Management LLC, to co-founding MSD Capital, LP, the Private Investment Firm for Michael Dell, CEO of Dell Technologies. His Record of Success speaks for itself - A true Champion of American Enterprise and Ingenuity!
"John's intelligence and leadership are unmatched. John holds an MBA from the Harvard Business School, and is a truly brilliant guy! 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.
"Congratulations, John - Together, we will MAKE AMERICA STRONG AGAIN!"