The longtime Republican donor was once reportedly opposed to Trump and gave money to a group dedicated to stopping him from winning his party’s presidential primary in 2016.
Stephens, whose investment bank Stephens Inc is based in the southern state of Arkansas, has since funneled money into a political action committee that backed Trump’s 2024 election campaign.
“Warren has always dreamed of serving the United States full time. I am thrilled that he will now have that opportunity as the top Diplomat, representing the U.S.A. to one of America’s most cherished and beloved Allies,” Trump said in a statement.
The incoming president has made a raft of nominations for his administration in recent weeks ahead of his inauguration on January 20.
He recently named Charles Kushner, the father of his son-in-law Jared Kushner, as the US ambassador to France.
During his first term in the White House, Trump appointed another billionaire and campaign supporter, businessman Woody Johnson, as US ambassador to Britain.
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© Agence France-Presse
