Linda McMahon says she'll step down as head of Small Business Administration

Small Business Administrator Linda McMahon on Friday announced her resignation from her position in President Trump's Cabinet.

"While it has truly been the honor of a lifetime to serve our country in this Administration, it is time for me to step down and return to the private sector," she wrote in a statement posted on Twitter. "I wish to thank the President and I will continue to be a strong advocate for him and his policies."

McMahon's resignation will go into effect on April 12, she said.

Earlier Friday, a source familiar with her plans confirmed to Fox News that McMahon was expected to resign.

The source told Fox News that McMahon is expected to join the Trump-affiliated America First Action Super PAC, which is separate from the 2020 Trump re-election campaign. McMahon is expected to hold a top spot in the PAC, according to the source. America First Action is the group that former White House Press Secretary Sean Spicer is affiliated with.

The president nominated McMahon, 70, to be head of the Small Business Administration in December 2016. She was confirmed in February 2017 to her post. Trump repeatedly praised McMahon for her work as head of the SBA.

McMahon, alongside her husband Vince, co-founded World Wrestling Entertainment Inc. McMahon served as the chief executive officer at WWE. She stepped down in 2009 to run for Senate.

McMahon lost races in 2010 and 2012, spending nearly $100 million of her own money on the campaigns. But both of her Democratic opponents from Connecticut, Sens. Richard Blumenthal and Chris Murphy, endorsed her nomination to lead the SBA.

Fox News' Elizabeth Zwirz and The Associated Press contributed to this report.