President Donald Trump has announced that U.S. Treasurer Jovita Carranza is his pick to replace Linda McMahon as Small Business Administration chief.
Trump tweeted Thursday night that McMahon has "done an outstanding job" and that he looks forward to Carranza joining his Cabinet.
Before serving as U.S. treasurer, Carranza was a deputy administrator of the SBA during George W. Bush's presidency.
Trump announced last week that McMahon, a former executive at World Wrestling Entertainment, would be stepping down to help his re-election effort.
The SBA is best known for the small-business loans it makes and the disaster aid it provides to companies and entrepreneurs. It's also tasked with monitoring government officials' compliances with contract laws.
Carranza's nomination must be approved by the Senate.