Janus Capital Group Inc.’s investment head, Gary Black, will take on the additional role of chief executive, succeeding Steve Scheid, who helped rebuild the money manager’s reputation following a fund-trading scandal.
Black will take over the CEO position Jan. 3, the company said Wednesday. Scheid will remain as chairman of the board.
Paul Balser, the board’s lead independent director, said the company is ready for the transition because it is in a stronger, more stable position than when Scheid took over.
“We asked Steve to be Janus’ CEO, and he did exactly what we needed him to do: resolve the regulatory issues, stabilize Janus, strengthen the management team and position the firm for growth,” Balser said in a statement issued by the company. “Now it’s time for Gary to build on that foundation.”
Black, 45, joined Janus as president and chief investment officer in April 2004. Before joining Janus, he was CIO for Goldman Sachs Asset Management’s Global Equities business.
“I appreciate the board’s vote of confidence,” said Black. “As we move forward, the management team and I will stay focused on three priorities: delivering consistently strong performance, improving our flows and expanding our presence in the institutional and intermediary markets. We also remain committed to returning excess capital to our shareholders by continuing to repurchase shares.”
Also on Wednesday, the company reported average assets under management in the third quarter of $135 billion, compared to $129.3 billion in the second quarter.
Staff writer Kristi Arellano can be reached at 303-820-1902 or karellano@denverpost.com.
