Steven Scheid, 50, who succeeded Mark Whiston last week as CEO of Denver-based Janus Capital Group, Inc., will be taking home less than the $4 million his predecessor earned in 2003.

According to Bloomberg, Scheid announced in a recent conference call that his compensation would be more closely tied to company performance, with a larger portion of his pay to be in options.

"A key role I have here is to set the tone at the top, not only around ethical standards but compensation," he said.

A company spokesperson was not immediately available for comment.  

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