“It is an honor to be sworn in as the 79th Secretary of the Navy on the hallowed ground of our National Archives in the presence of America’s founding documents,” said Phelan. “I am deeply grateful to President Trump and the Senate for the opportunity to lead the Department of the Navy as we revitalize shipbuilding, sharpen our warfighting culture and recruit America’s finest Sailors and Marines.”

Prior to his appointment, Secretary Phelan was the Founder and Chairman of Rugger Management, LLC, a private investment firm based in Palm Beach, Florida. Before launching Rugger, he was a co-Founder and co-Managing Partner of MSD Capital, L.P., a private investment firm for Michael Dell, and MSD Partners, a SEC-registered investment advisor that managed investments for a select group of third-party investors. Under his leadership, MSD posted double-digit net returns, generated over $20 billion in profits, and grew assets under management to over $30 billion.

Earlier in his career, Secretary Phelan was a Principal at ESL Partners, a Greenwich, Connecticut-based investment firm, where he helped the firm grow from $50 million to over $2 billion in assets. He also served as Vice President at the Zell-Merrill Lynch Real Estate Opportunity Funds. 

Secretary Phelan holds an MBA from Harvard Business School. He graduated Phi Beta Kappa, cum laude with distinction from Southern Methodist University (SMU) with a B.A. in Economics and Political Science. He also earned a General Course degree in Economics and International Relations from the London School of Economics (LSE). 

A committed patriot and philanthropist, Secretary Phelan served formally on the Board of Trustees of the Third Option Foundation (Chairman), Spirit of America and Aspen Art Museum (Chairman), and is a member of Business Executives for National Security (BENS). He also serves on the Board of Dean’s Advisors at Harvard Business School, the Investment Committee for the SMU Endowment, and the North American Advisory Board for LSE. In 2022, he received SMU’s highest alumni honor, the Distinguished Alumni Award. Secretary Phelan and his wife, Amy, have endowed free admission to the Aspen Art Museum and recently established the Phelan U.S. Centre at LSE.

The SECNAV serves the Department of Defense as the senior Navy leader.  He is responsible for the well-being, readiness and development of nearly one million Department of the Navy (DON) Sailors, Marines, reservists, and civilian personnel and manages an annual budget exceeding $265 billion.  SECNAV has the authority under Title 10 of United States Code to conduct all DON affairs, including recruiting, organizing, supplying, equipping, training, mobilizing, and demobilizing. The Secretary also oversees construction, outfitting and repair of naval ships, equipment and facilities.

The DON consists of two uniformed Services: the United States Navy and the United States Marine Corps. There are nearly one million personnel in the DON. Together, alongside allies and partners, the Department defends freedom, preserves economic prosperity, and keep the seas free and open.