Business Phelan worked as an investment banking analyst at Goldman Sachs, and then in acquisitions in the Zell-Merrill Lynch Real Estate Opportunity Funds. He was then a principal for seven years at ESL Partners responsible for Special Situation and Distressed Investments.
Fundraising The Phelans regularly host fundraising events at their homes in Palm Beach and Aspen. In 2022, they hosted a fundraiser for
amfAR, a foundation for
AIDS research, that raised $5.3 million. In August 2024, the Phelans hosted a private fundraising dinner for then-former president
Donald Trump, who
was seeking a second term in office; the guests, who included
Steve Wynn,
Thomas Peterffy,
Greg Abbott,
Byron Donalds,
Lauren Boebert and
Cory Gardner, donated between $25,000 and $500,000 apiece.
FEC records show that in 2024, a "'John W. Phelan'[sic.] of MSD Capital in Palm Beach donated $834,600 to Trump’s joint fundraising committee..." and that earlier, a "'John C. Phelan'" of MSD Capital in Palm Beach donated $93,300". Some defense experts noted his lack of experience with the Navy, the military, national-security policy, and the defense industry. Phelan testified before the
United States Senate Committee on Armed Services on February 27, 2025. He was confirmed with bipartisan support by a vote of 62–30 on March 24, 2025, and sworn in as the 79th Secretary of the Navy the next day. On April 21, 2026, Phelan presented on
use of artificial intelligence by the United States Department of Defense and achieving recruiting targets. Phelan declined to resign and was consequently fired. Pentagon spokesperson
Sean Parnell issued a statement saying that Phelan was departing immediately. Phelan was succeeded by
Hung Cao, current Under Secretary of the Navy, as the Acting Secretary of the Navy. Phelan had promoted the
Trump-class battleship, which Hegseth saw as a distraction from his strategy of
smaller, uncrewed ships which increased animosity between the two. Phelan had a closer relationship with Trump than Pentagon leaders expected. Hegseth had already fired Jon Harrison, Phelan's chief of staff, in October 2025.
Relationship with Jeffrey Epstein Passenger
manifests released as part of the
Epstein files indicate that Phelan flew twice on the plane of
Jeffrey Epstein several months before Epstein's first arrest on sex charges. The first flight took place on February 27, 2006, from New York’s John F. Kennedy International Airport to London Luton Airport. The manifest for the second flight, from London to New York on March 3, 2006, indicates that Phelan flew with 12 other passengers, including Epstein, modeling agent and Epstein associate
Jean-Luc Brunel, and six people whose names are redacted on the version of the manifest released in October 2025 by the United States House
Committee on Oversight and Government Reform. == Personal life ==