Former House Majority Leader Eric Cantor was hired by boutique investment bank Moelis & Co. after losing his seat in the Republican primary in June.
According to the New York-based firm, Cantor will serve as vice chairman and managing director and also be elected to the board of directors beginning this week. In his new position, the ex-Virginia congressman will provide “strategic counsel” to both corporate and institutional clients, Moelis & Co. said.
“Eric’s judgment and tremendous experience will expand the capabilities our team brings to clients around the world as he has unique expertise in assessing complex situations and crafting innovative solutions,” Ken Moelis, chairman and CEO of the firm, said in a statement.
He added that Cantor would be a good fit with the firm due to his political and economic capabilities, including his work on lowering taxes, regulations, and supporting entrepreneurship.
“Eric has proven himself to be a pro-business advocate and one who will enhance our boardroom discussions with CEOs and senior management as we help them navigate their most important strategic decisions,” he said.
The firm’s recent filing with the US Securities and Exchange Commission said Cantor would receive a base salary of $400,000, an “initial cash payment” of $400,000 and $1 million in shares. In 2015, Cantor would receive a minimum cash incentive of $1.2 million and $400,000 in restricted stocks.
Cantor also said Wall Street was a natural choice when it came to deciding the “next chapter of [his] career.”
“I knew I wanted to join a firm with a great entrepreneurial spirit that focused on its clients,” he said. “The new model of independent banks offering conflict free advice, in a smaller, more intimate environment, was a place where I knew my skills could help clients succeed.”
Moelis & Co. was founded in 2007 and focuses on mergers and acquisitions, recapitalizations, and restructuring. Headquartered in New York, the firm has 15 offices globally with 500 employees. The Wall Street Journal reported Cantor would open a Washington DC office for Moelis & Co.
Cantor stepped down from his post last month after losing the Republican primary in his congressional district to Tea Party-backed candidate David Brat. He had served a total of seven terms in Congress.
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