Statement from Beneficient Regarding the Passing of Thomas O. Hicks
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
News Market Reaction
On the day this news was published, BENF declined 7.27%, reflecting a notable negative market reaction. Argus tracked a peak move of +17.4% during that session. Argus tracked a trough of -23.1% from its starting point during tracking. Our momentum scanner triggered 8 alerts that day, indicating moderate trading interest and price volatility. This price movement removed approximately $10M from the company's valuation, bringing the market cap to $122M at that time. Trading volume was elevated at 2.6x the daily average, suggesting increased selling activity.
Data tracked by StockTitan Argus on the day of publication.
Key Figures
Market Reality Check
Peers on Argus
BENF is up 37.45% while peers show mixed moves: PWM down 16.43%, RCG down 2.26%, but BCG up 18.18% and EQS up 6.1%. No other peers appear in the momentum scanner or have same-day headlines, pointing to a BENF-specific move.
Historical Context
| Date | Event | Sentiment | Move | Catalyst |
|---|---|---|---|---|
| Nov 14 | Earnings update | Negative | -0.5% | Quarterly results emphasized losses, debt load, and ongoing balance sheet pressure. |
| Nov 05 | Legal/governance | Negative | -16.2% | Company statement addressing indictment of Brad Heppner weighed on sentiment. |
| Oct 30 | Nasdaq compliance | Positive | -10.3% | Regained certain Nasdaq standards but stock fell despite improved listing status. |
| Oct 21 | Capital structure | Positive | -7.9% | Leadership conversions into common equity to support Nasdaq MVLS compliance. |
| Oct 21 | Earnings update | Negative | -7.9% | Q1 results showed high expenses, loss contingency accrual, and ongoing losses. |
Recent history shows BENF often sold off on both earnings and governance/compliance updates, with negative reactions even to ostensibly positive Nasdaq compliance and capital-structure moves.
Over the last few months, Beneficient has focused on balance sheet repair, Nasdaq compliance, and capital-structure changes. Earnings releases on October 20, 2025 and November 14, 2025 highlighted large losses, equity deficits, and debt pressures. Governance actions in October, including a limited conversion into 101,294,288 Class A shares and efforts to regain Nasdaq listing standards, were followed by share-price declines. Against this backdrop, today’s announcement of Chairman Thomas O. Hicks’ passing adds leadership transition risk atop existing financial and listing challenges.
Market Pulse Summary
The stock moved -7.3% in the session following this news. A negative reaction despite positive elements in past governance actions would have fit recent patterns where BENF sold off on earnings, compliance, and capital-structure news. With large losses, an equity deficit, and prior Nasdaq compliance pressures already disclosed, leadership changes could have reinforced existing risk perceptions. In such a scenario, traders might have focused on balance sheet and listing uncertainties while reassessing confidence in the company’s long-term strategic direction.
AI-generated analysis. 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
When did Beneficient (BENF) announce the death of Chairman Thomas O. Hicks?
How long did Thomas O. Hicks serve on Beneficient's board before his death?
When was Thomas O. Hicks appointed Chairman of Beneficient (BENF)?
What roles did Thomas O. Hicks hold that are noted in Beneficient's announcement?
What immediate impact does Thomas O. Hicks’ passing have on Beneficient’s board?
