Incoming Treasury Sec. Mnuchin steps down from Sears board

Markets Associated Press

FILE - In this Nov. 30, 2016 file photo, Steven Mnuchin talks with reporters in the lobby of Trump Tower in New York. Sears said Friday, Dec. 2 that Steven Mnuchin has stepped down from the department store’s board, a week after President-elect ... Donald Trump nominated Mnuchin to be the country’s Treasury secretary. Mnuchin has been on the Sears Holdings Corp. board for more than 11 years, the company said. (AP Photo/Evan Vucci) (The Associated Press)

Steven Mnuchin, who was nominated by Donald Trump as the next Treasury secretary, is stepping down from the board at Sears.

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Mnuchin, 53, has been on the Sears Holdings Corp. board for more than 11 years, according to the company. He was the Yale roommate of Sears Chairman and CEO Eddie Lampert.

Mnuchin was tapped in May to head Trump's campaign finance operation, and said this week that he had been asked by Trump to head the Treasury.

Sears, based in Hoffman Estates, Illinois, said Mnuchin's departure reduces the number of board members to nine.