Janus Cut Chief Weil’s Pay 70% Last Year as Share Price Slumped
Janus Capital Group Inc. (JNS) cut the pay of Chief Executive Officer Richard M. Weil 70 percent last year as the Denver-based money manager lost more than half of its market value.
Weil earned $6.15 million in 2011, down from $20.3 million the year before, Janus said in a regulatory filing today. In 2010, Weil received $10 million in stock as a signing bonus after he joined the company from Pacific Investment Management Co. in Newport Beach, California. The pay cut was 40 percent, excluding the one-time bonus, Janus said.
Janus’s 2011 results were hurt by “challenges” in the performance of its large cap growth strategies and shifts away from equity on the part of institutional clients, the company said in the filing. Janus managed $148 billion as of Dec. 31.
Janus, the owner of Janus, Intech and Perkins funds, has gained 44 percent this year. The company said in January that Chairman Steven L. Scheid will retire in April.
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