Statement from Beneficient Regarding the Passing of Thomas O. Hicks
Beneficient (NASDAQ: BENF) announced the passing of Thomas O. Hicks, Chairman of the Board, who died on December 6, 2025 at age 79.
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Rhea-AI Summary
Beneficient (NASDAQ: BENF) announced the passing of Thomas O. Hicks, Chairman of the Board, who died on December 6, 2025 at age 79. Mr. Hicks co-founded Hicks & Haas (1984) and Hicks, Muse, Tate & Furst (1989) and was described as a private equity pioneer with a “buy and build” strategy.
He served on Beneficient’s Board since 2017 and was appointed Chairman in July 2025. The company said its Board and management will honor his legacy and continue executing the Company’s mission. The announcement extends condolences to Mr. Hicks’ family and notes an obituary is available.
Positive
- Board tenure of 8 years (2017–2025)
- Appointed Chairman in July 2025 providing recent leadership
Negative
- Chairman vacancy effective December 6, 2025
- Immediate board leadership transition required following death
Details
News Market Reaction – BENF
On Dec 11, the first trading day after this news, BENF closed 15.71% below the previous close. That session’s volume was 2.4x the stock’s average daily volume.
Data tracked by StockTitan Argus for the Dec 11 session.
Key Figures
- Age at passing
- 79 years
- Thomas O. Hicks’ age at death
- Year founded Hicks & Haas
- 1984
- Co-founding of Hicks & Haas
- Year founded Hicks, Muse, Tate & Furst
- 1989
- Co-founding of Hicks, Muse, Tate & Furst
- Service on Board since
- 2017
- Thomas O. Hicks’ tenure on Beneficient Board
- Appointed Chairman
- July 2025
- Date he became Chairman of the Board
- Date of passing
- December 6, 2025
- Reported date of Thomas O. Hicks’ death
Historical Context
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Quarterly results emphasized losses, debt load, and ongoing balance sheet pressure.
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Company statement addressing indictment of Brad Heppner weighed on sentiment.
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Regained certain Nasdaq standards but stock fell despite improved listing status.
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Leadership conversions into common equity to support Nasdaq MVLS compliance.
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Q1 results showed high expenses, loss contingency accrual, and ongoing losses.
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
AI-generated analysis. How Rhea-AI works. Not financial advice.
DALLAS, Dec. 10, 2025 (GLOBE NEWSWIRE) -- Beneficient (NASDAQ: BENF) (the “Company”) is deeply saddened to announce the passing of Thomas O. Hicks, Chairman of its Board of Directors (the “Board”), on Saturday, December 6, 2025, at the age of 79.
Mr. Hicks was a legendary figure in American business, a pioneer in private equity, and a dedicated leader who brought extraordinary vision, discipline, and experience to Beneficient.
- A Private Equity Pioneer: Mr. Hicks co-founded Hicks & Haas in 1984 and Hicks, Muse, Tate & Furst in 1989, helping to reshape the private equity landscape with his “buy and build” strategy.
- A Legacy of Leadership: He served on the Beneficient Board since 2017 and was appointed Chairman in July 2025, providing his decades of seasoned leadership to help guide the Company's strategic direction.
- A Visionary for Dallas: Beyond his corporate achievements, Mr. Hicks had a profound impact on the city of Dallas and the State of Texas, including ownership of the Dallas Stars and Texas Rangers and playing a central role in developing the American Airlines Center and serving as the founding Chairman of the University of Texas Investment Management Company.
The entire Beneficient community extends its deepest sympathies to the Hicks family and loved ones and is profoundly grateful for Tom’s leadership and service.
Beneficient’s Board and management team are committed to honoring his legacy by continuing to execute the Company's mission with the vision and courage Mr. Hicks exemplified.
Mr. Hicks’ obituary can be found here.
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
Investors:
Matt Kreps/214-597-8200/mkreps@darrowir.com
Michael Wetherington/214-284-1199/mwetherington@darrowir.com
investors@beneficient.com
FAQ
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