Let’s just say Eric Cantor is going to be making more than the $193,400 yearly salary he drew as House majority leader.
It was announced Tuesday that Cantor is taking a new job on Wall Street, joining Moelis & Company as vice chairman and managing director, and serving on the company’s board of directors.
The Chicago-Sun Times has the details on his compensation package:
“He is set to receive $400,000 in base salary, an initial cash amount of $400,000 and $1 million in initial restricted stock units, Moelis disclosed in a new Securities and Exchange Commission filing Tuesday.
“In 2015, Moelis will pay Cantor a minimum of $1.2 million in salary and $400,000 in restricted stock, the SEC filing said. The company will also reimburse Cantor for the ‘reasonable cost’ of a New York City apartment for his first 12 months of employment.”
Cantor was surprisingly defeated in June by a little-known conservative challenger in his district’s Republican primary. The Republican had pledged to serve out the remainder of term in Congress this year, but announced last month that he would resign his seat early on Aug. 18. That led to speculation that he was gearing up for a big job on Wall Street or K Street.