Following his appointment as the next Treasury Secretary by President-elect Donald Trump, California banker Steven Mnuchin has resigned from his board position at the Los Angeles Museum of Contemporary Art.
Mnuchin, a former Goldman Sachs partner and onetime co-chairman of the troubled Relativity Media studio, joined the Board of Trustees of the museum in December 2009. He cited a new workload as the reason for his resignation.
“Since I’ll be focusing my full-time efforts as nominee for Secretary of Treasury, I’ve decided to resign from MOCA’s Board of Trustees,” Mnuchin said in a statement Friday. “I have very much enjoyed my seven years on the Board at MOCA, one of the country’s most important contemporary art institutions.”
Mnuchin, 53, also stepped down from the boards of CIT Group Inc. and Sears Holdings Corp. on Friday.
The resignations from the companies’ boards were effective immediately.