Everything you need to know about Commerce Secretary nominee Wilbur Ross

President-elect Donald Trump has selected billionaire investor Wilbur Ross to serve as secretary of commerce.

Ross is the chairman and chief strategist of the private equity firm W.L. Ross and Co. According to ABC News, Ross' company invests in and restructures failing businesses in the steel and manufacturing industries.

Ross must be confirmed by the Senate to serve as secretary of commerce.

Learn more about Ross from ABC News.