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2.7%  Q1 GDP    4.57%  avg. 30-year mortgage     9.5%  Unemployment

Eric Billings Steps Down at FBR

The Post's Tom Heath is reporting that Eric Billings, the founder and CEO of FBR Capital Markets Corp., is stepping down. He will be replaced by Richard J. Hendrix, the firm's current president and chief operating officer.

Billings's retirement comes as FBR, which is based in Arlington, has faced significant problems from big bets in the housing industry that went awry. The firm has had several rounds of layoffs, including the cutting of 70 employees announced earlier this month. The company is majority owned by Friedman, Billings, Ramsey Group.

“Eric Billings has accomplished in his career what very few business leaders in any industry can claim,” said Arthur Reimers, FBR's lead director, in a statement. “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. Eric’s vision, leadership and positive energy over the years have been at the very heart of this remarkable accomplishment, and on behalf of the entire company, we thank him for his dedication and tireless effort.”

Billings will remain as chairman of the board. In the statement, he said: "Despite the difficult economic picture, I feel very good about the overall financial strength and positioning of the company and most particularly about the quality and depth of the people on our management team. It is a testament to every one of our employees that we have become one of the leading investment banks in the country."

-- Michael S. Rosenwald

By Michael S. Rosenwald  |  December 22, 2008; 4:35 PM ET
Categories:  The Ticker  
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the delevering of the FIRE (finance insurance real estate) economy continues.

Posted by: millionea7 | December 22, 2008 5:48 PM | Report abuse

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