Former US Congressman Eric Cantor is set to join New York investment bank Moelis, becoming vice-chairman and managing director, after an embarrassing rejection from politics by his own local supporters.
The boutique firm announced yesterday that Cantor could “provide strategic counsel” to the group and its clients, after 13 years as an elected Republican representative.
“Eric has proven himself to be a pro-business advocate and one who will enhance our boardroom discussions with chief executive officers and senior management as we help them navigate their most important strategic decisions,” said Moelis chief executive and chairman Ken Moelis.
Until June this year, Cantor was the majority leader in congress, the leading spokesman for the Republican party, which controls the lower house. But three months ago, he was unceremoniously deposed in an internal election, in which another candidate from his party was chosen to contest his seat.
Cantor resigned from his position as majority leader quickly afterwards.
Dave Brat, who beat Cantor to the Republican nomination for his Virginia congressional district, is an economics professor and member of the party’s right-wing Tea Party grouping.
On his appointment at Moelis, Cantor said: “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,” adding that he was looking foreward to a “smaller, more intimate environment”.