Janus hires recruiter to find new CEO
In a sign that its search for a new leader is accelerating, Janus Capital Group Inc. has hired an executive recruiting firm to find candidates to replace Gary Black as chief executive.
In a sign that its search for a new leader is accelerating, Janus Capital Group Inc. has hired an executive recruiting firm to find candidates to replace Gary Black as chief executive.
The Prince Houston Group will conduct a search for a new chief executive, according to sources close to the firm.
Mr. Black resigned July 17 and his job is being filled temporarily by board member Tim Armour, a former executive at Morningstar Inc. who previously was president of Stein Roe Farnham’s mutual fund division.
Janus spokesman James Aber declined to comment on the hiring of Prince Houston, and said only that “the CEO search is ongoing.”
The Prince Houston Group is the same firm that recruited Vikram S. Pandit for Citigroup Inc.
Marylin Prince, the firm’s co-founder, declined to comment on the deal with Janus.
“It’s a substantial post. They need someone who has both retail and institutional distribution experience, both domestically and internationally,” said mutual fund consultant Burt Greenwald.”It would have to be someone who comes out of a large fund firm,” he said.
Mr. Black joined Janus in 2004 as president and chief investment officer and became chief executive in 2006. Under his tenure, Janus committed resources to strengthening the firm’s investment performance and building out the product and distribution platforms.
In recent months, Janus merged its two fund lineups to concentrate on distributing its products through financial intermediaries and fund platforms. It had had a significant presence in the direct-sales market.
E-mail Sue Asci at [email protected].
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