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Last of FBR's Founders to Retire as CEO
Chief executive Eric Billings at the FBR Open, the golf tournament the company sponsored.
(By David Seibert -- The Arizona Republic)
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In 2005, the company posted a loss of $170.9 million. Billings didn't take a bonus that year, earning just his $480,000 salary plus a grant of restricted stock.
Earlier this month, FBR Capital Markets laid off 70 more employees, a little over 10 percent of its workforce, as it continued to grapple with a struggling economy. The company, which employed 758 a year ago, will have about 580 employees at year's end.
"Every company has its ups and downs, and the evaluation of companies in the first five, 10 and 20 years are often fraught with cyclicality, and we're not any different," Billings said.
Billings once said he never saw a single round of play at the FBR golf event because he was constantly working the corporate tents trying to drum up new business. And creating new business is where he will concentrate his efforts moving ahead.
"I will be [in the office] every single day, helping develop business and bringing banking clients. I've been at it for a long time."
Staff writer Michael S. Rosenwald contributed to this report.
