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Mark Whiston, 42, the chief executive of embattled fund shop Janus Capital Group, quit and will be replaced by Steve Scheid, 50, the Janus board chairman, the firm announced early Tuesday.

Whiston, a 14-year Janus veteran, will also relinquish his seat on the Janus board of directors, but will stay on with the firm through the end of the year to help with the management transition and to assist with client relations, the firm said.

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