Phelan out as Secretary of the Navy
“On behalf of the Secretary of War and Deputy
Secretary of War, we are grateful to Secretary Phelan for his service to the
Department and the United States Navy. “We wish him well in his future
endeavors. “Undersecretary Hung Cao will become Acting
Secretary of the Navy.”
A post by President Trump praised Phelan, a strong advocate of the
Golden Fleet and the Trump-class battleship, highly. Prior to his appointment,
Phelan, who holds an MBA from Harvard Business School. 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.
As Secretary of the Navy, he initiated significant
changes in the way the Navy procures ships, putting an emphasis on using
standard designs and overseeing programs using the VCM (vessel construction
manager) model.
What led to his ouster
is a matter of speculation, but here’s
the New York Times take on it.
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