Tom Bailey, founder and ceo of Janus Funds, will step down from his post on July 1, 2002. He will retain his role as chairman of the board of trustees of the Janus funds. A new ceo has yet to be named.

Bailey has held that chairman position since he launched Janus Funds in 1969. The Janus Management Team will oversee day-to-day operations at the firm. Helen Young Hayes, Janus' managing director of investments, and Jim Goff, Janus' director of research, will continue overseeing the investment team.

"I've spent half my life-- and nearly all my professional years-- at Janus," Bailey said in a statement. "But it's time to shift my focus to my responsibilities as a trustee and away from my day-to-day operational role as ceo."

Executives at both Janus and Stilwell will work together to find a successor for Bailey. 

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