Steven T. Mnuchin steps down from Sears board on Trump appointment

By

Obi Anyanwu

Published
Dec 4, 2016

Sears Holdings Corporation announced on Friday that Steven T. Mnuchin has decided to step down from the Board of Directors, effective immediately. Mnuchin, who joined the Sears Holdings Board of Directors in March 2005 was recently announced to be nominated by President-elect Donald Trump to be Secretary of the United States Department of Treasury.

Mnuchin joined the Sears Board at the time of the company’s merger with Roebuck and Co. and Kmart Holding Corporation. In May 2003, he was named to the Kmart Holding Corporation Board of Directors. Mnuchin’s departure decreases the Sears Holdings’ Board of Directors to nine.
 
The New York City-native is a former investment banker and hedge fund investor that served as Trump’s presidential campaign finance chairman. In 2004, he founded Dune Capital Management, a hedge fund that invested in two of Donald Trump’s projects, and he also co-founded OneWest Bank Group in 2004. Mnuchin spent 17 years at Goldman Sachs as a Partner and served as Chief Information Officer at the company.

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The Yale graduate also worked in the entertainment business by helping finance projects like Avatar, American Sniper, Gravity, Life of Pi and Mad Max: Fury Road.