New SBA administrator nominated

On the same day that Hector Barreto resigned as administrator of the Small Business Administration, his likely successor was named.

Steven Preston, executive vice president of strategic services at ServiceMaster, is the Bush administration's nominee to follow Barreto.

Before joining ServiceMaster, Preston worked at First Data as senior vice president and treasurer. Earlier in his career, he worked at Lehman Brothers as a senior vice president of investment banking.

Preston joins three other nominees for leadership roles at agencies tied to federal procurement. President Bush nominated Paul Denett to lead the Office of Federal Procurement Policy, Rob Portman to lead the Office of Management and Budget, and Lurita Alexis Doan to serve as administrator of the General Services Administration.