Janus CEO to ‘Set Tone’ With Pay, Term Length

Janus Capital Group Inc. Chief Executive Steven Scheid said Wednesday that his pay would be one-third less than his predecessor’s and that he would work without a specified term to “set the tone” after the U.S. fund company reached a settlement with regulators over improper trading.

Scheid, 50, last week succeeded Mark Whiston, who received $4 million in compensation in 2003. Scheid said in a conference call with investors and analysts that CEO compensation would be more closely tied to the Denver-based company’s performance.

Janus agreed Tuesday to cut fees by $125 million and pay $101 million in penalties to settle allegations that it let favored clients make frequent trades that hurt other fund investors.

From Bloomberg News