Janus Capital CEO Compensation Fell 10 Pct In 2008

By IEVA M. AUGSTUMS

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.