Penny Pritzker MBA ’85 J.D. ’85 has been nominated as the next U.S. Secretary of Commerce, in an announcement by President Barack Obama on Thursday morning.

Pending confirmation by the Senate, Pritzker will assume a post that has been empty since last June, when former Secretary John Bryson resigned.

In his announcement, Obama described Pritzker as “one of our country’s most distinguished business leaders” and an”extraordinary civic leader.”

Pritzker, a longtime Obama supporter and fundraiser, had initially been touted as a potential Commerce Secretary in Obama’s first term, before she withdrew from consideration. In her new post, she will manage responsibilities including federal business programs, tourism and oceans policy, as well as leading the administration’s outreach to donors and the business community.

This post will be updated.