Mark Whiston stepped down today as CEO of Janus Capital Group, the company announced. Chairman Steve Scheid will replace him as CEO while retaining his current post. Janus needs "to prepare for the next chapter of our history," and Mr. Whiston and the company's board agreed this was "the right time for new executive leadership," said Jane Ingalls, spokeswoman.
Mr. Whiston's departure was not part of any regulatory settlement over market-timing allegations, according to Ms. Ingalls. However, she said that "reaching a settlement is paramount for us."
Mr. Whiston will remain with Janus in a consulting capacity until the end of this year. Janus said Mr. Whiston will receive a cash payment of roughly $5.8 million, which includes a consulting services fee, and the company will establish a $7.9 million deferred compensation retirement arrangement.
Mr. Whiston could not be reached for comment by press time.