If confirmed by the Senate, Bryson will replace outgoing Commerce Secretary Gary Locke, who has been named by Obama in March as the next U.S. ambassador to China.

Bryson is the former chairman and chief executive officer of Edison International, a California-based public utility company, from 1990 to 2008.

"John will be an important part of my economic team," Obama said in announcing this nomination at the White House, adding that Bryson will work with the business community to foster economic growth and help open up new markets abroad.

John will bring his rich expertise in a range of sectors including clean energy industry to the administration and help prop up the US economic growth, Obama noted.

Obama said he was confident in Bryson's ability to lead the Commerce Department and promote job creation, economic growth and sustainable economic development of the United States by working in partnership with businesses, universities, communities and workers.

Bryson serves on several leading US corporate boards, including The Boeing Company, The Walt Disney Company, among others.