Bush has nominated Kellogg CEO Carlos Gutierrez as secretary of commerce. Inside sources say that the nomination of Gutierrez is the beginning of an economics team overhaul that will likely replace four out of the top five slots, with only budget director Joshua B. Bolten likely to remain. Treasury secretary John Snow is likely on his way out. According to the Washington Post, administration sources say that chief of staff Andrew Card may replace Snow, and it is also possible that Bolten will move over into the role of treasury secretary. Other sources say the administration will likely look outside the White House to fill the open spaces on the economics team. Former Texas Senator Phil Gramm and John J. Mack, who stepped down in June as co-chief executive of Credit Suisse Group, are considered possible nominees. Tim Adams was considered a possible replacement for Stephen Friedman as director of the National Economic council, but officials say that Adams is more likely to replace Harriet Miers as deputy chief of staff for policy. Deputy Treasury Secretary Samuel W. Bodman is another possible replacement for Friedman. If Bodman is tapped, Adams could succeed him as deputy secretary. The confirmation hearing for Condoleeza Rice, Bush's nomination for secretary of state, will be held in January.