The head of the Small Business Administration, Linda McMahon, is expected to announce that she is stepping down from the role. That's according to a senior administration official who was not authorized to speak publicly about personnel discussions. McMahon's plans were first reported by Politico.
A former wrestling executive and major Republican donor, McMahon was tapped for the job by President Donald Trump in late 2016. Trump and McMahon were expected to address the press from his Palm Beach estate at 4 p.m. Friday.
McMahon and her husband, Vince, founded and built World Wrestling Entertainment Inc., now a publicly traded sports entertainment company. She also poured $100 million of her fortune into two unsuccessful bids for a U.S. Senate seat in Connecticut in 2010 and 2012.
McMahon first backed New Jersey Gov. Chris Christie for president. But she has known Trump for decades, and contributed $5 million to Trump's family charity, almost all of it in 2007. He participated in WWE events, including a 2007 "Battle of the Billionaires," during which he shaved Vince McMahon's head.
After Trump secured the Republican nomination, McMahon became one of his most generous benefactors. Fundraising records show she gave $6 million to an outside group that aired supportive commercials and attack ads against Democrat Hillary Clinton.
The SBA, best known for the small business loans it makes and the disaster aid it provides to companies and entrepreneurs, is also tasked with monitoring government officials' compliances with contract laws.