"The president-elect chose Tim Geithner to be his Treasury secretary because he's the right person to help lead our economic recovery during these challenging times, " incoming White House Press Secretary Robert Gibbs said in a statement.

FORBES: Treasury

"A methodical and orderly transition is in the best interests of the financial markets and Treasury is committed to making sure that the incoming team can hit the ground running in January, " he said in a statement.

CNN: Official: Obama could name more administration picks Friday