Global asset manager Janus Henderson has dropped its co-chief executive structure and appointed Dick Weil as its sole chief executive.
In a regulatory statement, the London-based firm said that co-chief executive Andrew Formica would be stepping down immediately with a severance package, including incentive compensation, of $12 million (€10.3 million) but would continue to work as an advisor until the end of the year.
The pair had been jointly running the company since the merger in May last year of Denver-based Janus Capital Group, headed by Weil (pictured), and London-based Henderson Global Investors, headed by Formica.
The decision to move to a single chief executive structure is likely to rekindle speculation of the joint chief executive structure which was also adopted last year when Aberdeen Asset Management, run by Martin Gilbert, merged with Standard Life, run by Keith Skeoch.
In a statement Janus Henderson said: “While not an easy decision, due to having two highly-qualified candidates, the CEO decision was based on a very rigorous process over several months, supported by expert advice from external consultants.
“This decision was made with the full support of the board, and the board believes Dick is most appropriate to take Janus Henderson to the next level.”
Board chairman Richard Gillingwater said: “Now that our integration plans are significantly progressed, our board has determined that the co-CEO structure has achieved its goals, and now is the appropriate time for Janus Henderson to be led once again by a sole CEO.
Dick brings a breadth of skills and experience from prior roles in his career where he successfully led organizations through challenge and change.”
The firm also announced that its global head of distribution Phil Wagstaff had decided to leave the company “given that the integration work is significantly progressed and the distribution team is well in place”.
The staff changes were announced by the firm alongside its second quarter results which showed net outflows of $2.7 billion.
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