Janus paid its chief executive officer $7 million, including bonus, in 2008, a 27.8% pay cut, a Securities and Exchange Commission proxy filing indicates.

CEO Gary Black got a salary of $800,000, a bonus of $2.9 million and $4.3 million in stocks and other benefits.

“Compensation for all of the named executives is down an average of 20% this year,” including the board, Janus spokesman James Aber told Investment News. “Compensation has decreased as a result of the difficult environment and its impact on investment results and the firm’s financials.”

Janus’ net income fell 27.9% in 2008 to $138.4 million, down from $192 million the previous year. Assets under management suffered worse, declining 40.3% to $123.5 billion from $206.7 billion at the start of 2008.

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