Fund manager Janus Henderson has named Dick Weil as its sole CEO, after ditching the dual leadership structure.

“While not an easy decision, due to having two highly qualified candidates, the CEO decision was based on a very rigorous process over several months, supported by expert advice from external consultants. This decision was made with the full support of the Board, and the Board believes Dick is most appropriate to take Janus Henderson to the next level,” the firm said in a statement.

The firm was until now jointly led by Weil and Andrew Formica. Weil previously served as the CEO of Janus since 2010 before its merger with Henderson Global Investors last year.

Formica, ex-Henderson CEO, will now quit Janus Henderson and also step down from his board position. However, he will continue to serve as an adviser at the firm till the end of 2018.

Janus Henderson Group chairman Richard Gillingwater said: “Now that our integration plans are significantly progressed, our board has determined that the co-CEO structure has achieved its goals, and now is the appropriate time for Janus Henderson to be led once again by a sole CEO.

“Dick brings a breadth of skills and experience from prior roles in his career where he successfully led organisations through challenge and change.”

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Weil formerly worked for 15 years at PIMCO, where he held various senior roles including the global head of PIMCO Advisory and COO.

At the same time, Janus Henderson also announced the departure of global head of distribution Phil Wagstaff.

“Phil has been instrumental in the development of our global distribution team, first at Henderson following the acquisition of Gartmore and then with the merger of Janus and Henderson, where he has played a key role in welding the two distribution teams together, creating a world-class distribution organisation,” Gillingwater stated.