President-elect Donald Trump has picked 53-year-old Steven Mnuchin, a former Goldman Sachs executive and founder of RatPac-Dune Entertainment, as the secretary of the Department of Treasury.

"Steve Mnuchin is a world-class financier, banker and businessman, and has played a key role in developing our plan to build a dynamic, booming economy that will create millions of jobs," Trump said in a statement. "His expertise and pro-growth ideas make him the ideal candidate to serve as Secretary of the Treasury. He purchased IndyMac Bank for $1.6 billion and ran it very professionally, selling it for $3.4 billion plus a return of capital. That's the kind of people I want in my administration representing our country."

Mnuchin had also served as chairman of Trump's campaign finance chairman in May 2016.

He hopes to achieve the annual growth rate of 3% to 4% by cutting taxes from 35% to 15% and simplifying the tax codes.

"By cutting corporate taxes, we're going to create huge economic growth and we'll have huge personal income," he said in an interview with CNBC.

"Our most important priority is sustained economic growth, and I think we can absolutely get to sustained 3 to 4 percent GDP, and that is absolutely critical for the country," Mnuchin said. "To get there, our number one priority is tax reform. This will be the largest tax change since [President Ronald] Reagan."

"Taxes are way too complicated, and people spend way too much time worrying about ways to get them lower," he added.

Mnuchin has worked with Goldman Sacks for 17 years, and was a part of Soros Fund Management team. He bought IndyMac, a California-based bank, which was at the verge of collapse in 2008 and renamed it OneWest Bank. His entertainment company RatPac-Dune has financed movies like "Avatar," "X-men series," "Mad Max: Fury Road," "American Sniper," "The LEGO Movie" among many others.