Thomas H. Bailey, CEO and founder of Janus Capitol of Denver, sold half his stake in Janus to the company's parent, Stilwell Financial of Kansas City, Mo., for an undisclosed amount, Stilwell has announced.
Bailey sold 600,000 shares representing 6.2 percent of Janus' outstanding shares, boosting Stilwell's ownership to 88.7 percent, according to Stilwell. Bailey still holds roughly six percent of Janus shares and will remain the firm's chairman, president and CEO.
Stilwell will use Bailey's shares to attract and retain managerial talent, said Landon H. Rowland, chairman, president and CEO of Stilwell Financial. Since merging with Stilwell last year, Janus has lost two key positions including Jim Craig, its chief operating officer and Steven Goodbarn, its chief financial officer.
Bailey is selling his shares as part of his estate plan, he said.
"This is nothing more than the second phase of my estate plan that began in 1995 with the sale of my block of 600,000 shares of Janus stock," he said, in a statement. "I'll turn 64 years old this year, and this is simply a prudent and logical move that's part of a long-term financial plan."