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

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

Rating:Janus Chief Shares Ten Percent of $4M Bonus Not Rated 0.0 Email Routing List Email & Route  Print Print
Thursday, March 23, 2006

Janus Chief Shares Ten Percent of $4M Bonus

Reported by Marie Glancy

Janus Capital Group's chief executive officer, Gary Black, chopped 10% off his 2005 bonus and gave it to loyal employees, the company has said.

A definitive proxy statement lodged with the SEC Wednesday listed Black's 2005 bonus as $3.6 million, down $400,000 from his 2004 bonus. The difference was given to employees who helped Janus recover in the aftermath of a trading scandal, a company spokesperson told Reuters.

Black shouldn't miss that gift too much, however. The statement also detailed the compensation committee's decision to increase his 2006 base salary by $300,000, from half a million dollars to $800,000. With the January 1, 2006 transition that saw Black become CEO, and former CEO Steve Scheid become chairman of the board, the committee "undertook an extensive review of both Mr. Scheid's compensation for 2005 and the structure and target amounts for Mr. Black's compensation package for 2006," said the statement.

Based on performance and goals for 2006, the committee approved a long-term compensation target of $2.7 million for Black, up from $2 million in 2005. Scheid, meanwhile, took home a base salary of $800,000 and a $2.4 million in 2005. These figures marked a 94% and a 216% increase, respectively, over his pay the previous year.

"The Committee believes Mr. Scheid's strong leadership to the Company in 2005 was instrumental in the material improvements to the Company's financial performance, its reputation in the market, its adaptation to new corporate strategies and employee morale," said the statement.

The statement also explained the committee's belief that it is in shareholders' interests not to restrict the company's right to award executive bonuses as it sees fit, even if such bonuses sometimes exceed tax deductible limits as specified by Section 162(m).  

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

0.0
 Do You Recommend This Story?



GO TO: MFWire
Return to Top
 News Archives
2024: Q4Q3Q2Q1
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:
Raw XML
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