Tom Bailey, who founded Janus Capital and who stepped down as CEO in 2002, is now relinquishing his seat on the board since he has reached 72, the mandatory age for retirement at the firm, Rocky Mountain News reports.

Although he sold his $1.2 billion stake in the firm when he left as chief executive, he still owns a significant amount of company stock and shares in the firm’s funds.

Bailey has turned his attention to breeding and training horses at his ranch, Iron Rose Ranch, near Aspen, which he calls his “third career.”

Although he has wanted to retire for some time, Bailey said he has remained with the firm out of a sense of responsibility to investors.

Janus also announced that Tom Malley, manager of the Janus Global Life Sciences Fund, and Brad Slingerland, co-manager of the Janus Global Technology Fund, are leaving the firm.

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