Asset management group Janus Henderson is to drop its co-CEO structure and has appointed Dick Weil as the sole chief executive of the business.
Weil, who had previously led Janus Capital prior to the completion of the merger in May last year, is to take on sole responsibility of the firm’s strategic direction and leading its executive management.
The group’s other co-CEO, Andrew Formica, is to resign his position effective immediately and is set to depart Janus Henderson at the end of this year, acting in an advisory position during the interim.
“Now that our integration plans are significantly progressed, our Board has determined that the co-CEO structure has achieved its goals, and now is the appropriate time for Janus Henderson to be led once again by a sole CEO,” said Richard Gillingwater, chairman of the Janus Henderson Group.
“Dick brings a breadth of skills and experience from prior roles in his career where he successfully led organizations through challenge and change.”
The “merger of equals” between Janus Capital and Henderson Global created an asset management group worth $331 billion upon its completion last year, with a market capitalisation of approximately $6 billion.
The group’s total assets under management have since grown to $370.1 billion, with “positive investment performance offset by net outflows and negative currency movements”, according to its Q2 2018 results.