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Administration March 9, 2002
Stillwell Pulls Itself Together, Taps New CEO
September 3, 2002 (PLANSPONSOR.com) - Stillwell
Financial has tapped a new chief executive officer to take
charge of its operations that are newly merged with its
flagship Janus Capital Management mutual fund unit.
Reported by Nevin E. Adams
Mark Whiston, 41, an 11-year Janus veteran, will take the reins December 31 when the combination is completed. Whiston is currently president of retail and institutional services.
The appointment of Whiston, who has a sales and marketing background, stands in some contrast to Bailey, who came from the investment side of the business, according to published reports. The move also surprised some Industry watchers, who had been expecting the firm to go outside for new leadership.
Stilwell, which currently owns about 92% of Janus, has been seeking a CEO for the business since Janus founder Tom Bailey stepped down in July 1 after selling his remaining stake in Janus last year.
Bailey’s departure, first announced in June, came at a rough time for the company, which is struggling with declines in its once-hot funds and an exodus of investors who are cashing out of the money-losing portfolios.
The combined company will shut down its headquarters in Kansas City and move its headquarters to Janus’ hometown of Denver, resulting in the elimination of 130 to 140 jobs, according to Reuters.
Stilwell also owns the Denver-based Berger Financial Group, another fund firm hit hard by the market downturn as its growth-oriented stock funds have fallen.