Asset management holding company Janus Capital Group Inc. (JNS) Thursday said Richard Weil has been appointed Chief Executive Officer and a member of the board of directors, effective February 1.
Weil, 46, succeeds Janus Capital Group director Tim Armour who served as interim Chief Executive Officer since July 2009, following the resignation of Gary Black, effective July 13.
Prior to joining Janus, Weil worked for 13 years with fund manager Pimco, where he was most recently global head of Pimco Advisory. He was a member of Pimco's executive committee, and a member of the board of trustees of the Pimco Funds. Weil was Pimco's Chief Operating Officer between 2000 and 2009, and was directly responsible for the company's non-investment functions, including leadership of the firm's non-U.S. business.
As Chief Operating Officer of Pimco, Weil also was a member of the Allianz Global Investors executive committee. Weil was previously the general counsel to Pimco Advisors L.P., formerly Pimco's publicly listed parent company, which was sold to Allianz A.G. in 2000.
Prior to joining Pimco in 1996, Weil was with Bankers Trust Global Asset Management and Simpson Thacher & Bartlett LLP in New York. He has more than 15 years of investment experience.
Janus' Chairman Steve Scheid said today that after an extensive search, the board is convinced that Weil is the right person to lead Janus forward, saying that Weil's strong leadership and significant experience makes him a perfect fit for the firm.
"Dick was Pimco's chief operating officer for nine incredibly successful years. His accomplishments include leading the development of their global business and founding their German business. He is a proven leader with a strong vision for what makes a company and its people successful," said Scheid.
The company's former CEO Gary Black had to resign in July, 2009 after he failed to put the company back on track from an erosion of investor assets, owing to some bad fund performance. Several unhappy executives left the company during his tenure. It was also said that Black wanted to sell the company, but the board of directors wanted to raise capital.
Weil commented, "I am honored by this appointment and tremendously excited about the very bright future I see for Janus Capital Group. The firm has all the right ingredients to achieve even greater success, including a very strong investment culture, excellent performance, and a deep commitment to serving its clients through each of its Janus, INTECH, and Perkins teams."
JNS is currently trading at $14.17, down $0.16 on a volume of 165 thousand shares.
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