Billionaire investor is Trump's Commerce secretary pick
WASHINGTON (AP) — Wilbur Ross, the billionaire investor considered the "king of bankruptcy" for buying beaten-down companies with the potential to deliver profits, is President-elect Donald Trump's choice for Commerce secretary, a senior transition official said.
With a Florida home down the road from Trump's Mar-a-Lago retreat, the 78-year-old Ross played a role in crafting and selling the president-elect's tax-cut and infrastructure plans.
"Part of the reason why I'm supporting Trump is that I think we need a more radical, new approach to government— at least in the U.S. — from what we've had before," Ross told CNBC in June, referring to Trump's blunt tone and sweeping promises to reinvigorate economic growth.
A specialist in corporate turnarounds, Ross buys distressed or bankrupt companies at steep discounts, then seeks to shave costs and generate profits.
Some of those cost reductions have come from altering pay and benefits for workers.
Since 2000, his firm has invested in more than 178 companies.