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.

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