The board of Janus Henderson Group has announced that Andrew Formica has resigned from the role of director and co-chief executive of the company, effective 1 August.
At the same time, the company appointed Dick Weil as the sole chief executive, with the service agreement becoming effective on 1 August.
Henderson also said Formica entered a settlement agreement with the company, which began on 31 July and would end on 31 December, during which he would remain an employee and would serve as an adviser to the board of Janus Henderson.
During that time, he would continue to receive his base salary and would be eligible for employee benefits, it said.
As at 30 June, 2018, Janus Henderson Group has approximately US$370 billion in assets under management and over 2,000 employees across 28 offices worldwide.
