Incoming Treasury Sec. Mnuchin steps down from Sears board

Small BusinessAssociated Press

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

Continue Reading Below

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.