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Rating:Soderberg Leaves Janus with $1.5 Milion in Hand Not Rated 2.0 Email Routing List Email & Route  Print Print
Friday, July 30, 2004

Soderberg Leaves Janus with $1.5 Milion in Hand

News summary by MFWire's editors

Lars Soderberg resigned from Janus effective July 21, the company disclosed in a filing on Thursday.

Soderberg, who received $85,000 a month while on leave, will walk away with $1.5 million and $1 million in deferred compensation if he not found guilty of violating any laws while at Janus.

John Zimmerman took Soderberg's place as head of institutional sales in early June. Soderberg was placed on a leave of absence in April. Zimmerman reports to Robin Beery, Janus' chief marketing officer.

Also on Thursday, Janus disclosed that an unnamed client is planning on redeeming $5 billion in funds by year's end, pending approval by Janus' board of directors in early August.

Company officials stated that they found out about the decision after the company held an earnings call on July 22.

"We’re disappointed when any client comes to this conclusion, especially given our improved performance and the steps we’ve taken to put our fund holders first. We continue working hard to deliver strong, consistent performance," said Steve Scheid, Janus' chief executive officer.

Analysts told the Rocky Mountain News that the client could be a financial services company. 

Edited by: Theresa Sim

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