RICHMOND, VA (WWBT) - Former House Majority Leader Eric Cantor is joining the private sector, accepting a new position as managing director for an investment bank.
Moelis & Company announced the hiring of the Henrico Republican Tuesday. Cantor will serve as vice-chairman, as well as managing director of the bank. He will also be on the company's board of directors.
"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," said Cantor 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."
Cantor will play a leading role in client development and advise clients on strategic matters, the company said in a press release.
"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 Moelis & Company said. "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."
Cantor's new position comes after a historic defeat in the Republican primary for the 7th Congressional District to Dave Brat. Cantor served in the House of Representatives for 14 years and was House Majority Leader when he was unable to defend his seat against the largely unknown challenger.