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."
As chairman, Billings will continue to play a role in client relationship development.
Hendrix was named FBR president and COO in October 2004 and joined the firm in 1999 from PNC Capital Markets, which formed a strategic alliance with FBR in 1997.
In his current role at Arlington, Va.-based FBR, he oversees investment banking, institutional brokerage, research, advisory, asset management and research operations.
Hendrix started at PNC in 1987 and went on to lead its ABS business and serve as a managing director in its investment banking group.
"This company has a uniquely successful history behind it, having grown in just 20 years to become a leader in the equity capital markets," said Hendrix. "Our team is committed to building upon that success and capitalizing on the opportunities in this challenging market."