Girard C. Miller, executive vice president and COO of Janus Capital Group, will leave the firm in January, according to a company filing with the SEC. Mr. Miller's position as COO will be eliminated as part of an initiative to cut the firm's administrative and operations costs, said Shelley Peterson, spokeswoman. Steve Scheid, Janus chairman and CEO, will assume Mr. Miller's human resource-related responsibilities. David Martin, CFO, will take over Mr. Miller's information technology, corporate services and printing business responsibilities.
"My departure represents an orderly transition that ensures continuity and efficiency," said Mr. Miller in an e-mail. "It's been a true pleasure to serve Janus, and I wish my colleagues well." Mr. Miller, who joined the firm about two years ago, will receive full base salary and bonuses for 2005, according to the filing, as well as $2.75 million in "total target compensation" for an additional year.
As part of its cost-cutting efforts, Janus is also eliminating about 40 back-office positions, Ms. Peterson said.