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.”

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