The MFWire
Manage Email Alerts | Sponsorships | About MFWire | Who We Are

Subscribe to MFWire.com's News Alerts [click]

Rating:Janus Ups Buyback; Changes Board Elections Rules Not Rated 0.0 Email Routing List Email & Route  Print Print
Tuesday, March 7, 2006

Janus Ups Buyback; Changes Board Elections Rules

by: Sean Hanna, Editor in Chief

Janus' stock price may have risen too much for its executives to buy the company, but that does not mean that they believe it is overpriced. Monday, the Janus board authorized the purchase of up to $500 million of Janus shares. The move extends and adds to a stock repurchase program that had been set to expire at the end of 2006.

Janus had used up all but $124 million of the existing $500 million of repurchases authorsied by the board by the end of 2005.

"Our board remains committed to returning value to our stockholders," said Janus CEO and Chief Investment Officer Gary Black. "We continue to believe our stock is an excellent investment and that buying back shares is a good use of our capital."

Last month it was reported that the recent steep rise in the price of Janus shares had scuttled plans for a management led buyout of the fund firm.

Janus officials disclosed that the board had approved an amendment to the company's bylaws that will allow a majority-vote standard for the election of directors in uncontested elections. Previously, the company had used a plurality vote standard in those elections. Under the new standard that takes effect in April, a director who fails to win a majority of votes in a board election will will offer to tender his or her resignation to the board. After considering the Nominating and Corporate Governance Committee's recommendation, the board will determine whether to accept, reject or take other action, and will publicly disclose its decision.

"Our shareholders believe a majority-vote standard makes directors even more accountable to stockholders -- and we agree," said Steve Scheid, chairman of Janus Capital Group's board.  

Stay ahead of the news ... Sign up for our email alerts now

 Do You Recommend This Story?

Return to Top
 News Archives
2024: Q3Q2Q1
2023: Q4Q3Q2Q1
2022: Q4Q3Q2Q1
2021: Q4Q3Q2Q1
2020: Q4Q3Q2Q1
2019: Q4Q3Q2Q1
2018: Q4Q3Q2Q1
2017: Q4Q3Q2Q1
2016: Q4Q3Q2Q1
2015: Q4Q3Q2Q1
2014: Q4Q3Q2Q1
2013: Q4Q3Q2Q1
2012: Q4Q3Q2Q1
2011: Q4Q3Q2Q1
2010: Q4Q3Q2Q1
2009: Q4Q3Q2Q1
2008: Q4Q3Q2Q1
2007: Q4Q3Q2Q1
2006: Q4Q3Q2Q1
2005: Q4Q3Q2Q1
2004: Q4Q3Q2Q1
2003: Q4Q3Q2Q1
2002: Q4Q3Q2Q1
 Subscribe via RSS:
Add to My Yahoo!
follow us in feedly

©All rights reserved to InvestmentWires, Inc. 1997-2024
14 Wall Street | 20th Floor | New York, NY 10005 | P: 212-331-8968 | F: 212-331-8998
Privacy Policy :: Terms of Use