Todd Ricketts is stepping down from his post as finance chair of the Republican National Committee, the organization announced to party officials on Thursday.
Ricketts will be succeeded by Duke Buchan, a Florida-based investor who served as ambassador to Spain under former President Donald Trump. Buchan is set to assume the post in January.
Buchan, whose appointment was approved by the RNC’s executive committee, has established himself as a major party donor over the past two decades. During the 2020 election, he donated more than $940,000 to support Trump’s campaign, according to campaign finance records.
Ricketts has served as finance chair since 2018, when he replaced Las Vegas casino mogul Steve Wynn, who stepped down amid allegations of sexual misconduct. Ricketts is a scion of one of the most powerful megadonor families in Republican politics: His parents, Joe and Marlene, have given millions of dollars to the party over the years. Ricketts’ brother, Pete, is the second-term governor of Nebraska.
Those familiar with Ricketts’ decision said he had been planning his departure for several months and was looking to leave by the end of the year.
“For the past three and a half years, I have been privileged to serve as the finance chairman of the Republican National Committee,” Ricketts said in a statement. “I’m excited by all the Republican candidates we helped elect during my tenure as well as the investments we made and the infrastructure we developed as a party.
The 58-year-old, Harvard Business School-educated Buchan was initially a supporter of former Florida Gov. Jeb Bush’s presidential campaign in 2016. But after Trump became the presumptive Republican nominee, Buchan quickly got on board and contributed more than $450,000 to his campaign.
Buchan said in a statement that he “look[ed] forward to building on our momentum, strengthening our party’s infrastructure, and raising the resources needed to support Republicans' message of freedom and prosperity across the country.”
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