The investment bank FBR & Co. (FBRC) announced Thursday that longtime Chairman Eric F. Billings will step down in June and that he will be replaced by the firm's president and chief executive, Richard J. Hendrix.

Billings co-founded what was then Friedman, Billings, Ramsey Group in 1989 served as the Arlington, Va., firm's chairman, president and CEO until the end of 2008, when he retired from the day-to-day activities. Hendrix has held the positions of president and CEO since.

In a news release, Billings said he was stepping down to primarily focus on his other business activities.  Billings is currently chairman and CEO of Arlington Asset Investment as well as senior managing partner and co-portfolio manager of Billings Capital Management.

"After three years as non-executive chairman, now is the appropriate time for me to fully focus on my other business endeavors," Billings said. "I have the utmost confidence in Rick and the entire leadership team, and believe that the company's best days are ahead."

FBR said that the transition would take place at the firm's annual meeting June 5.