Cantor’s New Gig Will Pay More Than $1M Per Year
That didn’t take long.
Just weeks after Rep. Eric Cantor resigned from Congress — which was just days after he stepped down as House majority leader following his stunning primary defeat in June — the Virginia Republican has a new job.
He’ll be the vice chairman and managing director of Moelis & Company, which describes itself as “a leading global investment bank.” Cantor will also be elected to the bank’s board of directors, according to an official press release that went out Tuesday morning. “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 statement. “I have known [chairman and CEO] Ken [Moelis] for some time and having followed the growth and success of his firm, I have long admired his vision and leadership. The 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’s new boss reciprocated the praise.
“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.
According to Security and Exchange Commissions filings , Cantor’s appointment will become official on Sept. 3, when he is “elected … as a director of the Company.” He’ll get $400,000 in salary for 2014, plus a signing bonus of $400,000 and $1 million in stock. Next year, Cantor will get a “minimum incentive compensation” of $1.2 million in cash and another $400,000 in stock.
Under the contract, Cantor would have to repay all or a portion of his $400,000 signing bonus and 2014 and 2016 cash incentive compensation if Cantor is no longer employed by Moelis by the end of the 7th calendar quarter, unless Cantor’s employment ends “for good reason,” or if, after the second anniversary of his employment, Cantor takes a full-time elected or appointed position in government or in a national political party.
It’s all a step up from the $193,400 yearly salary Cantor received as House majority leader.
A former senior Cantor aide told CQ Roll Call Tuesday that Cantor’s move to Moelis was consistent with his values: [He] didn’t want to become a lobbyist and he didn’t want to be a figurehead,” said the aide, adding that Cantor is “going to remain engaged in the political debate.”
A leading tea party organization that had been backing Cantor’s primary opponent, university professor Dave Brat, thinks otherwise.
“After Dave Brat’s upset victory in June, many analysts accused Eric Cantor of paying more attention to Wall Street than to the people of Virginia’s 7th District,” said Kevin Broughton, the national communications director for the Tea Party Patriots Citizens Fund. “He certainly didn’t waste any time validating that theory.”