Janus CEO Whiston resigns with $13.7m

GLOBAL – Mark Whiston has resigned as chief executive of Janus Capital and will be succeeded as CEO by Steve Scheid, who remains chairman.

Whiston, 42, will receive around 5.8 million dollars in cash, and the company will also set up a 7.9 million-dollar retirement fund. These payments mean Janus will take a charge on its second-quarter earnings of 17 million dollars.

Janus has been one of the highest-profile of a number of firms caught up in the US mutual fund market timing investigation. Asked for the reason for Whiston’s departure, a spokesman said: “The timing’s right.”

Janus’ international chief Erich Gerth will now report on an interim basis to chief marketing officer Robin Beery, who reports to chief operating officer Girard Miller.

“As we look toward the future, Mark and the board concluded it would be in the best interest of our fund shareholder, stockholders and employees for new leaders to share Janus in the months and years ahead,” Scheid, 50, said. Whiston will remain a consultant.

Scheid, former vice chairman of the Charles Schwab Corp., become chairman on January 1 this year.

Denver-based Janus said its top managers now comprise Scheid, incoming president and chief investment officer Gary Black and operating chief Miller.

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