By Dan Kedmey
September 2, 2014

Former House Majority Leader Eric Cantor joined the executive board of an investment bank on Tuesday, two weeks after he resigned from office in the wake of a stunning primary defeat by a Tea Party candidate.

Cantor will become a vice chairman and managing director of Moelis & Company, a New York-based investment bank with 500 employees 15 offices around the world. He will provide “strategic counsel” to the bank’s global clients, which include corporations, governments and financial sponsors.

“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,” Cantor said in a joint announcement with the bank’s CEO, Ken Moelis. “I have known Ken for some time and having followed the growth and success of his Firm, I have long admired his vision and leadership.”

Cantor, just the latest in a long line of former elected officials to earn big paychecks after their time in office ends, will earn a base salary of $400,000, plus a $400,000 signing bonus and $1 million in restricted stock, according to the bank’s SEC filing.

“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,” Moelis said.

 

 

Contact us at editors@time.com.

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