Janus paid chief $7M in '08

Janus Capital Group Inc. paid its chief executive $7 million in 2008, including a bonus, which represents a 27.8% pay cut from the previous year, according to a proxy statement filed with the Securities and Exchange Commission yesterday. Gary Black, who became chief executive of the Denver-based fund firm in November 2006, received a base salary of $800,000 last year and a cash bonus of $2.9 million. Vested stock awards, perks and benefits rounded out his pay package, according to the filing. “Compensation for all of the named executives is down an average of 20% this year,” said Janus spokesman James Aber. “The board of directors also took a voluntary 20% reduction in compensation.” Mr. Aber added: “Compensation has decreased as a result of the difficult environment and its impact on investment results and the firm’s financials.” While the firm paid bonuses to its executives, they do not receive extra perks. The executives receive similar, and in many cases the same, benefits that are offered to all full-time employees, the compensation committee reported in the filing. The benefits include medical and other insurance, as well as “occasional allowances for business travel expenses and security or personal protection from time to time,” the filing said. The firm’s net income for 2008 totaled $138.4 million, down from $192 million for 2007. Assets under management dropped to $123.5 billion as of Dec. 31, compared with $206.7 billion in 2007.