Gary Black, CIO of Janus Capital Group, received a $4 million bonus in 2004, the largest sum awarded to the company's executives, according to the company's 8-K filing. Janus also approved a $1.14 million bonus for COO Girard Miller, $600,000 for CFO Loren Starr and $494,000 for Chief Marketing Officer Robin Beery.
The payments were consistent with previously disclosed employment agreements of the four executives, according to the filing.
CEO Steven Scheid received a $760,000 bonus. Janus also increased his base salary to $800,000 a year from $600,000 for providing "strong leadership" by restructuring key parts of the business and helping the company adapt to new corporate strategies. The increase took effect Jan. 1.
Some bonuses for other executives were reduced due to financial performance. Janus used adjusted operating income as a "performance metric" to gauge payments, according to the filing. In 2004, adjusted operating income was $266.8 million, compared with $316.8 million in 2003.
"The committee made corresponding reductions from 2004 bonus targets, where applicable, due to the company's financial performance." The filing did not disclose who was affected, "but compensation is linked to performance across the board at Janus," said Shelley Peterson, spokeswoman. The company is required to disclose the top five executives in the filing.