After a five-month search, Janus Capital Group has found a replacement for Gary Black. The Denver mutual fund firm on Thursday named Pimco veteran Richard Weil as it new CEO effective February 1.

Richard Weil Janus CEO

Weil, 46, takes over from Tim Armour, who has served as interim chief since Black's departure in July. In October, Armour told analysts at a conference call that he hoped to have a new CEO in place by the time Janus hosts its fourth-quarter earnings call. Janus is scheduled to release its Q4 results on January 28.

New York-headquartered executive search firm Prince Houston Group assisted Janus with its CEO hunt.

Weil previously spent 13 years with Pimco, most recently in the role of global head of Pimco Advisory.

Pimco has tapped Sabrina Callin, a 12-year Pimco veteran, as acting head of Pimco Advisory effective immediately, according to Pimco CEO and co-CIO Mohamed El-Erian in an e-mailed statement.

From 2000 to 2009, Weil was Pimco's chief operating officer.

Earlier, he was general counsel to Pimco Advisors LP, formerly PIMCO’s publicly listed parent company, which was sold to Allianz A.G. in 2000.

Before he joined Pimco in 1996, Weil worked at Bankers Trust Global Asset Management and at law firm Simpson Thacher & Bartlett LLP in New York.

"The breadth of his leadership experience, deep understanding of the investment industry and global perspective were all key factors behind the board’s decision," Armour said in a news release issued Thursday morning. "These characteristics not only complement Janus’ key strengths, they also align with the firm’s long-term strategic priorities. 

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