Eric Cantor, the former House majority leader who lost primary election for his congressional seat earlier this year, will serve as vice chairman and managing director at investment bank Moelis & Co.
Though Cantor’s congressional primary loss in June came as a surprise to political observers, a move to the private sector is often a lucrative one. Moelis disclosed Cantor will be paid an annual base salary of $400,000. The bank also agreed to pay Cantor an initial cash payment of $400,000 and $1 million initial restricted stock units. For 2015, Cantor will be paid a minimum incentive compensation of $1.2 million in cash and $400,000 in incentive restricted stock.
Cantor, who was paid $193,400 annually as majority leader in the House, previously served as the House representative for Virginia’s 7th Congressional District between 2001 to 2014 and served as majority leader for the 112th and 113th Congresses.
Moelis (MC), which went public earlier this year, said Cantor will provide strategic counsel to the firm’s corporate and institutional clients and also help lead client development and advise the firm’s clients. Moelis touted Cantor’s experience and efforts to “lower taxes, eliminate excessive regulation, strengthen small businesses and encourage entrepreneurship.” The company’s board will increase from six to seven directors with Cantor’s election.
Cantor’s move to join the private sector shortly after ending his public service isn’t exactly unheard of. Mitt Romney, for example, notably rejoined hotel-chain Marriott’s board of directors shortly after losing his 2012 presidential bid.