Janus’ search for new CEO kicks into high gear
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 former CEO Gary Black.
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 former CEO Gary Black.
The Prince Houston Group of New York 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.
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 — which was formerly PrinceGoldsmith — is the same firm that recruited Vikram S. Pandit to Citigroup and Mohamed A. El-Erian to Harvard Management Co. in 2005.
Marylin Prince, the firm’s co-founder, declined to comment on the deal with Janus.
“It’s a substantial post,” said mutual fund consultant Burt Greenwald. “They need someone who has both retail and institutional distribution experience, both domestically and internationally.
“It would have to be someone who comes out of a large fund firm,” Mr. Greenwald added.
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. Prior to that, the firm had a significant presence in the direct sale market.
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