US President-elect Donald Trump on Monday nominated billionaire financial executive Warren Stephens as the next US ambassador to the UK.

“Warren has always dreamed of serving the United States full-time. I am thrilled that he will now have that opportunity as the top diplomat, representing the USA to one of America’s most cherished and beloved allies,” Trump posted on his Truth Social social media platform.

Stephens serves as chairman, president and CEO of Stephens Inc, a financial services company headquartered in Little Rock, Arkansas. He has a net worth of $3.4 billion (€3.2 billion), according to US news outlet Forbes.

Arkansas Attorney General Tim Griffin congratulated Stephens on the nomination, saying Trump “tapped one of our state’s finest to represent our nation and continue the special relationship we have with our cousins and staunch allies in the United Kingdom.”

Stephens rewarded for Trump 2024 donations

Stephens donated money to a political action committee which supported Trump’s 2024 election campaign. It’s not uncommon in US politics for presidents to reward campaign donors with ambassadorial posts.

Trump will take office on January 20, 2025. Stephens’ ambassadorship will need to be confirmed by the US Senate, which will have a Republican-majority in January.

Woody Johnson, a donor to Trump’s 2016 campaign, served as US ambassador to the UK during Trump’s first term from 2017 to 2021.