President Obama on Thursday will nominate longtime fundraiser and hotel magnate Penny Pritzker as Commerce secretary and longtime aide Michael Froman to be the U.S. Trade Representative, the White House said.

The official announcement will be made at 10:15 a.m., before Obama embarks on a three-day economic and security trip to Mexico and Latin America.

Pritzker, the daughter of the co-founder of the Hyatt hotel chain and a successful investor in her own right, would easily become the richest secretary in Obama’s cabinet – potentially the richest cabinet secretary in U.S. history. She has a net worth of $1.85 billion, according to Forbes magazine, making her the 277th wealthiest person on the Forbes 400.