Janus Henderson's Formica and Wagstaff to depart as Weil named sole CEO

End of co-CEO structure

Janus Henderson has announced co-CEO Andrew Formica and global head of distribution Phil Wagstaff are to leave the business, as co-CEO Dick Weil is named single head of the asset manager.

Formica, who previously headed Henderson for ten years, and former head of Janus Weil have been co-CEOs of the joint group since the merger completed in May 2017. When the deal was originally announced in October 2016, the structure was expected to be reviewed within three years, although it had been reported this could be brought forward to next spring.  However, alongside its Q2 results, the board of Janus Henderson said Weil has now been appointed sole CEO of the group. Formica, who will receive a $12m severance package, will resign his co-CEO role and board seat effective immed...