When Eric Cantor suffered a surprising electoral defeat this year, Washington pundits wondered where the House majority leader would end up.
The answer: a Wall Street boutique investment bank.
Mr. Cantor will be joining Moelis & Company as vice chairman and a director on its board, the firm said on Tuesday. He is expected to serve as a senior adviser to the firm’s clients on strategic matters.
Moelis & Company will pay Mr. Cantor a base salary of $400,000, along with an additional cash payout of $400,000 and $1 million in restricted stock that will vest over five years.
Next year, the investment bank will give him a minimum incentive payout of $1.2 million in cash and $400,000 in restricted stock.
In his 25 years in Congress, Mr. Cantor became an important link between Republicans and the business world.
He came to know Moelis & Company’s founder, the longtime deal maker Kenneth Moelis, some time ago. When it came time to find a new job after losing a primary battle with David Brat, a relatively unknown college professor with deep support from Tea Party activists, the lawmaker said he eventually decided to head to the boutique investment bank to focus on dispensing advice to clients.
“When I considered options for the next chapter of my career, I knew I wanted to join a firm with a great entrepreneurial spirit that focused on its clients,” Mr. Cantor said in a statement. “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.”
Source: The New York Times | DEALBOOK