Janus CEO won't get chairman's seat

Steve Scheid was named non-executive chairman of Janus Capital Group Inc., Denver, effective Jan. 1. He is replacing Landon H. Rowland, whose term is expiring; Mr. Rowland will remain a director. Janus Chief Executive Officer Mark Whiston was scheduled to become chairman, but the board of directors named Mr. Scheid to the post as one of several corporate governance reform measures announced today. Mr. Whiston's employment contract had to be amended because it called for him to be named chairman on Jan. 1. Under the amended contract, Mr. Whiston waived his right to become chairman and forfeited a cash severance payment of $20 million to $23 million based on his three years of compensation, according to a news release from Janus. Mr. Scheid was vice chairman of Charles Schwab Corp., San Francisco, and president of Schwab retail group from 2000 to 2002. He has been a Janus director since December 2002.