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.