Janus chief’s pay tied to performance

The Janus Capital Group Inc.’s chief executive will forgo his annual employment agreement and replace it with a severance rights agreement.
Gary Black’s position and salary will remain the same, but his compensation will be tied to the company’s performance, according to a filing this week with the Securities and Exchange Commission.
The new agreement gives more authority to the board’s compensation committee to determine the amount of Mr. Black’s compensation, said James Aber, spokesman for the Denver-based fund firm.
“This will further align his interests with those of our stockholders,” he said. “It certainly reflects his confidence in Janus’ strategic direction and ability to perform over the long term.”
All of the firm’s senior executives have similar agreements except for two co-chief investment officers who have employment agreements, Mr. Aber said.
Mr. Black’s new agreement offers similar benefits and protections as the previous agreement in the event of his leaving the company.
Last year, he earned $9.1 million, which included his salary plus incentives.
Mr. Black purchased $2.2 million of Janus stock on the open market at the end of February.
He joined Janus in 2004 and became chief executive in 2006.