Phil Falcone is leaving one holding company to focus on another and his hedge fund.
Harbinger Group announced Tuesday that Falcone will resign as chairman and CEO on Dec. 1. Joseph Steinberg, an independent director, will become chairman; a search is underway for a new chief executive.
"During Mr. Falcone's tenure as chairman and chief executive officer, the company experienced significant growth and success, beginning as a company with approximately $140 million market capitalization in 2009 rising to today's market capitalization of approximately $2.6 billion. We thank Phil for his many years of hard work and leading HGI," Steinberg said in a statement.