Janus Henderson chief executive Dick Weil is stepping down at the end of the first quarter next year, an announcement that comes two days after its largest shareholder called for a shake-up of the board.
The firm announced on Thursday that Weil is retiring on 31 March 2022 after 12 years as the asset manager’s leader and relinquishing his position on the board.
He will serve as an adviser to the company until 30 June 2022 to help with the transition to his successor. Janus Henderson said the search for a new CEO is underway.
The announcement comes after activist investor Trian Fund Management on Tuesday called for a shake-up of Janus Henderson’s board. In a regulatory filing, Trian, which owns 15.4% of Janus Henderson as its largest shareholder, said it “continue[s] to engage in discussions with the board and/or management of the issuer regarding various strategic and operational initiatives that they believe can generate value”.
It added: “As part of those discussions, the reporting persons have proposed changes to the composition of the board, including the addition of independent directors unaffiliated with the reporting persons.”
Janus Henderson declined to comment.
During his tenure, Weil oversaw the merger of Janus Capital Group and Henderson Global Investors in May 2017, as CEO of the former.
Following the merger, Weil served as co-CEO of Janus Henderson with Andrew Formica who had been CEO of Henderson. Weil was made sole CEO in August 2018 and Formica joined Jupiter as CEO in March 2019.
Janus Henderson chairman Richard Gillingwater said: “We wish Dick the very best on his well-deserved retirement and we look forward to working with him as we transition to the company’s next CEO.
“The board’s focus is on ensuring we identify a leader who can build on our success to date, and who has the relevant skills and expertise to enable us to realise our growth opportunities, expand into new markets and products and continue to drive value for our clients and shareholders.”
Weil said it had been a “true privilege” to lead Janus Henderson.
He added: “With the company operating from a position of strength, I believe that now is the right time to begin the search for a new CEO who will continue the journey of growth that the firm is on.”
