What You Need to Know
- Weil has been the sole CEO of Janus Henderson since July 2018 and co-CEO before that, starting in May 2017.
- His departure from Janus Henderson could pave the way for the firm to be acquired.
- Trian Fund Management has been targeting the firm for a possible merger or acquisition and has a 15%-plus stake.
Janus Henderson Group has announced that Chief Executive Officer Dick Weil will be retiring as of March 31. He will assist in the search for a replacement and will serve as an adviser to the asset manager through June 30 to “ensure a seamless transition,” according to a press release.
In a statement, Weil said “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.” He added that has “full confidence” in his colleagues and their ceaseless dedication to delivering excellence.”
Weil became the sole CEO of Janus Henderson in July 2018 after serving as co-CEO with Andrew Formica following the merger of Denver-based Janus Capital Group in 2017 with London-based Henderson Group. (At the time Weil was CEO of Janus and Formica the CEO of Henderson Group.) In addition to his CEO role, Weil heads Janus Henderson’s executive committee and is a member of its board.
The firm, which has $419 billion in assets under management, has been a target for activist investor Trian Fund Management, headed by Nelson Peltz, Edward Garden and Peter May. Train acquired a 9.9% stake in Janus Henderson and Invesco in October 2020, fueling rumors that Train was planning on an Invesco takeover of Janus Henderson.