Eric Billings, founder, chairman and chief executive of FBR Capital Markets, will step down as CEO of the firm on Jan. 1. He will stay on as chairman but will be replaced as CEO by Richard Hendrix, FBR's president and chief operating officer.

"Eric Billings has accomplished in his career what very few business leaders in any industry can claim," said FBR lead director Arthur Reimers. "He founded a business, in an industry dominated by giant international brands, and in a remarkably short time grew it into a top competitor in its space."

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