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Janus Capital CEO Compensation Fell 10 Pct In 2008

The Associated Press

CHARLOTTE, N.C. (AP) — Janus Capital Group Inc. Chief Executive Gary D. Black received compensation of more than $7.9 million in 2008, down 10 percent from the previous year, according to a proxy statement filed with the Securities and Exchange Commission Thursday.

Last year, mutual fund managers like Janus were hammered as the market foundered and customers continued to pull money out of their accounts. Black received more than $8.8 million in compensation in 2007.

Black's base salary was $800,000 in 2008, the same as in 2007. He received a performance-related cash bonus of nearly $3.4 million in 2008, compared with the $6.3 million he received in 2007.

His 2008 compensation also included stock options and restricted stock valued at nearly $3.6 million on the day they were awarded. In 2007, Black received stock options and restricted stock valued at $1.7 million.

Black also received other compensation of $215,673 in 2008, including items such as personal security, 401(k) plan contributions and health insurance premiums.

The Associated Press calculations of total pay include executives salary, bonus, incentives, perks, above-market returns on deferred compensation and the estimated value of stock options and awards granted during the year. The calculations don't include changes in the present value of pension benefits, and they sometimes differ from the totals companies list in the summary compensation table of proxy statements filed with the Securities and Exchange Commission.

In January, the Denver-based firm reported earnings of $136.9 million, or 85 cents per share, compared with $116.3 million, or 65 cents per share, in 2007. Earnings from continuing operations fell to $138.4 million, or 86 cents per share, from $192 million, or $1.07 per share, in 2007.

Janus also said it was exiting its institutional money market business, which includes three funds, by April 30. It will focus its resources on its core businesses. The firm also suspended stock buybacks in the fourth quarter to preserve liquidity.

Janus Capital's stock declined 76 percent during 2008 and closed out the year at $8.03. In morning trading shares added 4 cents to $5.74.