Janus announced Tuesday that its chief executive officer, Gary Black, has resigned, and will be replaced with Tim Armour, a director, as acting CEO.

“After much consideration, Gary and the board have come to the mutual decision that the time is right to bring new leadership to Janus,” said Steve Scheid, chairman of the Janus Capital Group board of directors. “During Gary’s tenure, Janus made significant progress on its goals, including strengthening the firm’s investment performance and risk management, revitalizing the Janus brand, generating positive net flows, and building out the firm’s product and global distribution platforms.”

Black said he decided to leave at a time when the firm is generating strong long-term performance, flows have rebounded and sales through the intermediary channels are strong.

Armour, 60, has been on the Janus board since March 2008. He has more than 20 years of investment industry experience, including 10 years as a senior executive at Morningstar and five years as president of Stein Roe Farnham’s mutual fund division.

Subscribe Now

Access to premium content including in-depth coverage of mutual funds, hedge funds, 401(K)s, 529 plans, and more.

3-Week Free Trial

Insight and analysis into the management, marketing, operations and technology of the asset management industry.