Beneficient Appoints Peter T. Cangany Jr. as Chairman of the Board

Rhea-AI Summary

Beneficient (NASDAQ: BENF) appointed Peter T. Cangany Jr. as Chairman of the Board, effective December 15, 2025.

Mr. Cangany has served as a Beneficient director and as Chairman of the independent Audit Committee since 2019. He retired as a partner from Ernst & Young in 2017 after nearly 40 years, with more than two decades as a partner, and brings decades of financial reporting, accounting, and corporate governance experience in financial services. He is a Certified Public Accountant with a B.A. in Accounting from Franklin College and an M.B.A. from Texas A&M University.

Positive

• Chairman appointment effective Dec 15, 2025
• Board continuity: director and Audit Committee chair since 2019
• Nearly 40 years of EY experience, including >20 years as partner
• CPA credential and formal accounting/finance education

Negative

• None.

Key Figures

Director tenure at BENF Since 2019 Service as director and Audit Committee chair

EY tenure Nearly 40 years Career at Ernst & Young LLP before 2017 retirement

EY partner tenure More than two decades Time served as partner at EY

Audit Committee role Chair since 2019 Chairman of independent Audit Committee at Beneficient

Market Reality Check

$4.45 Last Close

Volume Volume 256,386 is about 1.5x the 20-day average of 170,936, indicating elevated trading interest ahead of this governance update. normal

Technical Price at $3.74 is trading above the 200-day MA of $3.36, despite being 70.03% below the 52-week high.

Peers on Argus

Peers showed mixed moves: CWD +2.4%, BCG +3.52%, EQS +4.22%, RCG -0.39%, PWM -16.43%. This contrasts with BENF’s -6.97%, pointing to stock-specific dynamics around its board leadership change.

Historical Context

Date	Event	Sentiment	Move	Catalyst
Dec 11	Reverse stock split	Negative	-15.7%	Announced 1-for-8 reverse split to address Nasdaq minimum bid compliance.
Dec 10	Leadership obituary	Negative	-7.3%	Announcement of Chairman Thomas O. Hicks’ passing at age 79.
Nov 14	Earnings update	Neutral	-0.5%	Reported Q2 2026 results with cost cuts and capital-structure moves.
Nov 05	Legal statement	Negative	-16.2%	Company statement regarding indictment of Brad Heppner.
Oct 30	Nasdaq compliance	Positive	-10.3%	Regained some Nasdaq listing standards, but still below $1.00 bid price.

Pattern Detected

Recent news events, including compliance actions and governance developments, have generally been followed by negative price reactions, suggesting a pattern of shareholder caution around company announcements.

Recent Company History

Over the last few months, Beneficient has focused on Nasdaq compliance, capital structure changes, and addressing financial pressure. A 1-for-8 reverse stock split to regain the $1.00 bid price, multiple proxy actions, and updates on leadership and legal matters have all seen negative or muted price responses. Today’s appointment of a new Board Chairman follows the recent passing of the prior Chairman and comes against a backdrop of equity deficits, going-concern warnings, and prior compliance challenges highlighted in recent 10-Q and 8-K filings.

Market Pulse Summary

This announcement highlights a leadership transition, with an experienced financial-reporting and governance specialist becoming Board Chairman effective December 15, 2025. It follows the recent passing of the prior Chairman and comes amid past Nasdaq listing challenges and substantial losses disclosed in recent filings. Investors may focus on how the new Chairman influences oversight of financial reporting, risk management, and strategic execution, and will likely watch upcoming filings and board decisions for evidence of improved stability.

Key Terms

board of directors financial

"its Board of Directors (the “Board”) has appointed Peter T. Cangany Jr."

The Board of Directors is a group of people chosen by a company's owners to help make big decisions and oversee how the company is run. They act like a team of advisors or managers, making sure the company stays on track and meets its goals. Their choices can influence the company's success and how it grows.

audit committee financial

"served as a director of Beneficient and as Chairman of its independent Audit Committee since 2019."

A company's audit committee is a small group of board members who act like independent inspectors for the firm's finances, overseeing how financial reports are prepared, monitoring internal controls, and managing the relationship with external auditors. Investors care because a strong audit committee reduces the risk of accounting errors, fraud, or misleading statements, making financial statements more trustworthy and helping protect shareholder value.

certified public accountant financial

"He is a Certified Public Accountant."

A certified public accountant (CPA) is a licensed accounting professional who has passed rigorous exams and met education and experience requirements to prepare, review, and officially certify financial statements and tax filings. For investors, a CPA's involvement is like a neutral referee confirming that a company's reported numbers are accurate and follow accounting rules, which improves trust in financial reports and lowers the risk of unexpected errors or misleading information.

AI-generated analysis. Not financial advice.

DALLAS, Dec. 17, 2025 (GLOBE NEWSWIRE) -- Beneficient (NASDAQ: BENF) (“Ben” or the “Company”), a technology-enabled platform providing exit opportunities and primary capital solutions and related trust and custody services to holders of alternative assets, today announced that its Board of Directors (the “Board”) has appointed Peter T. Cangany Jr. as Chairman of the Board, effective December 15, 2025.

Mr. Cangany has served as a director of Beneficient and as Chairman of its independent Audit Committee since 2019. He brings decades of leadership experience in financial reporting, accounting, and corporate governance within the financial services industry.

Mr. Cangany retired as a partner of Ernst & Young LLP (“EY”) in 2017 after nearly 40 years with the firm, including more than two decades as a partner. During his tenure at EY, Mr. Cangany specialized in auditing public companies across multiple segments of the financial services industry, including insurance companies and investment management firms. He also held senior leadership roles within EY, including location and sector leadership responsibilities.

“Pete’s deep expertise in financial services, public company financial reporting, and governance makes him exceptionally well suited to serve as Chairman,” said James Silk, Interim Chief Executive Officer. “He brings a steady, disciplined perspective that will be invaluable as we continue to execute on our strategy and work to drive long-term value for our shareholders.”

In addition to his service on Beneficient’s Board, Mr. Cangany currently serves as Chair of the Board of Trustees of Franklin College of Indiana. He brings extensive experience advising early-stage and growth-oriented businesses, as well as a strong background in strategic planning and board oversight developed over decades of client service.

“I am honored to be appointed Chairman of Beneficient’s Board,” Mr. Cangany said. “I look forward to working closely with the Board and management team to support the Company’s strategic priorities and help position Beneficient for sustainable, long-term success.”

Mr. Cangany earned a B.A. in Accounting from Franklin College and an M.B.A. from Texas A&M University. He is a Certified Public Accountant.

About Beneficient

Beneficient (Nasdaq: BENF) – Ben, for short – is on a mission to democratize the global alternative asset investment market by providing traditionally underserved investors − mid-to-high net worth individuals, small-to-midsized institutions and General Partners seeking exit options, anchor commitments and valued-added services for their funds – with solutions that could help them unlock the value in their alternative assets.

Its subsidiary, Beneficient Fiduciary Financial, L.L.C., received its charter under the State of Kansas’ Technology-Enabled Fiduciary Financial Institution (TEFFI) Act and is subject to regulatory oversight by the Office of the State Bank Commissioner.

For more information, visit www.trustben.com or follow us on LinkedIn. 

Contacts

Matt Kreps: 214-597-8200, mkreps@darrowir.com
Michael Wetherington: 214-284-1199, mwetherington@darrowir.com
Investor Relations: investors@beneficient.com

Forward Looking Statements

This press release contains forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include, but are not limited to, statements regarding our ability to create shareholder value and execute on our business strategy. The words ”anticipate,” "believe,” ”continue,” “could,” “estimate,” “expect,” “intends,” “may,” “might,” ”plan,” “possible,” “potential,” “predict,” “project,” “should,” “would” and similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. Forward-looking statements are based on our management’s beliefs, as well as assumptions made by, and information currently available to, them. Because such statements are based on expectations as to future financial and operating results and are not statements of fact, actual results may differ materially from those projected.

Important factors that could cause actual results to differ materially from those expressed in the forward-looking statements include, among others, the risks, uncertainties, and factors set forth under “Risk Factors” in the Company’s most recent Annual Report on Form 10-K and its subsequently filed Quarterly Reports on Form 10-Q and the risks and uncertainties contained in the Company’s Current Reports on Form 8-K. Forward-looking statements speak only as of the date they are made. The Company assumes no obligation to update forward-looking statements to reflect actual results, subsequent events, or circumstances or other changes affecting such statements except to the extent required by applicable law. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and, except as required by law, the Company assumes no obligation and does not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise.

FAQ

When did Beneficient appoint Peter T. Cangany Jr. as Chairman of the Board (BENF)?

Peter T. Cangany Jr. was appointed Chairman effective December 15, 2025.

What roles did Peter Cangany hold at Beneficient before becoming Chairman of BENF?

He served as a director and as Chairman of Beneficient's independent Audit Committee since 2019.

What is Peter Cangany's professional background relevant to BENF shareholders?

He retired as an Ernst & Young partner in 2017 after nearly 40 years, specializing in financial reporting and audits for financial services.

How might Peter Cangany's appointment affect Beneficient's governance (BENF)?

The appointment adds a chairman with long-standing audit and governance experience, reinforcing board oversight and financial reporting expertise.

What are Peter Cangany's academic and professional credentials listed for BENF leadership?

He holds a B.A. in Accounting from Franklin College, an M.B.A. from Texas A&M University, and is a Certified Public Accountant.