Janus Henderson (NYSE:JHG) sinks 7.9% in premarket trading after naming Dick Wells as sole CEO, and announcing that Andrew Formica resigned as co-CEO and from the board.
The company will take a severance charge of about $12M in Q3.
Global head of distribution, Phil Wagstaff, is also leaving the company.
The management moves may be have occurred sooner than investors expected and may "add further uncertainty," Goldman Sachs analyst Alexander Blostein wrote in a note, Bloomberg reports.
Source: Press Release
Previously: Janus Henderson misses by $0.01, misses on revenue (July 31)
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