Billionaire Stephen Feinberg confirmed as Pentagon’s deputy defense secretary

By Phan Anh March 19, 2025 | 02:52 pm PT

Nominee for Deputy Secretary of Defense Stephen A. Feinberg listens to the opening remarks of a Senate Armed Services Committee in Washington, D.C., Feb. 25, 2025. Photo courtesy of the U.S. Department of Defense

Stephen Feinberg, co-founder of private equity giant Cerberus Capital Management, has officially been confirmed as the new U.S. Deputy Secretary of Defense.

The U.S. Senate voted 59-40 on March 14 to approve the appointment of Feinberg, 64, who is currently valued at approximately $5.3 billion, Bloomberg reported.

Feinberg will now serve as second-in-command at the Pentagon, overseeing daily operations, implementing departmental priorities and managing the Department of Defense’s substantial budget, according to the Department’s official website.

Previously, Feinberg chaired President Donald Trump’s Intelligence Advisory Board from 2018 to 2021. He co-founded Cerberus Capital Management in 1992, growing it into a $65 billion investment firm employing around 1,000 people globally.