Dallas-based Beneficient (Nasdaq: BENF) announced that it has separated the roles of chairman of the board of directors and chief executive officer with the appointment of Thomas O. Hicks as chairman and James G. Silk as interim CEO.

Beneficient is a technology-enabled platform that provides exit opportunities and primary capital solutions and related trust and custody services to holders of alternative assets via the company’s proprietary online platform AltAccess.

“I’m eager to assume this leadership position and to begin working to realize the company’s full potential,”Hicks said in a statement. “An important first step is to appoint the right Interim CEO. Mr. Silk’s belief in the company’s core strategy and significant experience with Beneficient and in financial services makes him the right person to guide us forward as we work to regain momentum and drive shareholder value.”

A Texas Business Hall of Famer

Hicks was named to the Texas Business Hall of Fame in 2022. The former owner of the Texas Rangers and Dallas Stars, Hicks is a private equity pioneer with a decades-long record of success, Beneficient said. He founded one of the early prominent private equity firms through which more than $12 billion was raised across six funds, completing more than $50 billion of leveraged acquisitions. Now, through his family office, Hicks leads a team of private equity professionals who specialize in small and middle market transactions in specialty manufacturing, energy, food and beverage, media, and special situations.

Hicks has served on Beneficient’s board since 2018.

Financial and legal expertise

Silk also expressed enthusiasm about the outlook for Beneficient.

“I’m excited to return to Beneficient and work with the board and leadership team to navigate this transition period in order to position the company for long term success,” Silk said in a statement.

Silk has more than 20 years of experience in the financial services industry and previously served as executive vice president and chief legal officer of Beneficient, overseeing its operations, underwriting, risk, and legal groups, from January 2020 until May 2024.

He was also a member of the board from January 2020 until May 2024. Before joining Beneficient in 2020, Silk was a partner in the Asset Management Group of international law firm, Willkie Farr & Gallagher LLP, where he worked for more than 13 years. Before that, he was an attorney at international law firm, A&O Shearman LLP.

Throughout his career, Silk has advised clients on a variety of business and legal issues across the alternative assets industry.

He has counseled many of the industry’s largest and most recognizable public and private asset management firms, including Goldman Sachs, Deutsche Bank, Credit Suisse, KKR, Brookfield, Bank of America, Merrill Lynch and Morgan Stanley. Silk has extensive expertise on developing alternative asset products and negotiating asset management mergers and acquisitions and other corporate transactions.

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