Trump named U.S. Treasurer Jovita Carranza, who served as SBA deputy administrator under President George W. Bush, as his nominee to succeed McMahon. She is leaving to chair a super PAC to support Trump's 2020 re-election bid.
Trump named Carranza U.S. Treasurer after he took office in 2017. The Chicagoan was part of the president's National Hispanic Advisory Council and a former United Parcel Service executive.
"I am pleased to announce that Jovita Carranza will be nominated as the new @SBAgov Administrator," Trump tweeted Thursday. "Jovita was a great Treasurer of the United States -- and I look forward to her joining my Cabinet!"
Carranza founded the supply-chain management company JCR Group after working more than 20 years at UPS, where she rose from a part-time box handler to president of the carrier's Latin America and Caribbean operations.
She was considered in 2016 for the post of U.S. trade representative but was ultimately was appointed treasurer, which is an advisory role to Treasury Secretary Steven Mnuchin.
McMahon, a former World Wrestling Entertainment executive, announced last week she was leaving the post effective April 12. As a member of the Trump Cabinet, Carranza must be confirmed by the Senate.