President-elect Donald Trump plans to nominate the founder of the high-speed trading firm Virtu Financial, Vincent Viola, as secretary of the Army, the Trump transition team said on Monday.

"Whether it is his distinguished military service or highly impressive track record in the world of business, Vinnie has proved throughout his life that he knows how to be a leader and deliver major results in the face of any challenge," Trump was quoted as saying in a statement.

Viola, now estimated to be worth $1.8 billion, was born to Italian immigrants in Brooklyn and is "living proof of the American dream," said a statement from the Trump team.