Gary Black, CEO of Janus Capital Group, has resigned with effect from Monday; and the mutual fund’s Capital Director Tim Armour has been named the interim CEO.

Confirming Black’s exit form the company, at a conference call late Tuesday, Janus’ Chairman Steve Scheid said that the parting was “amicable and professional.” Adding that it was time the company saw a change in the management, Scheid said that Black’s resignation would bring a “minimal change” overall at Janus; and hardly any impact on its investment management teams.

Stepping down from his post, Black said: “The firm is in a much stronger place than when I joined, and the time is right for a change.”

Meanwhile, Janus’ recently-released its second quarter report indicates a whopping 76 percent plunge in the company’s profit – which fell to $15.8 million, or 10 cents per share, from the same-quarter year-before figures of $66.3 million, or 41 cents per share.

The fall in the firm’s second-quarter profit largely resulted from a 34 percent drop in the revenue to $200.2 million. Investment management fees, which constitute a large part of Janus’ revenue, dropped 33 percent.

In addition, there was also a 12 percent fall in Janus’ average assets under management during the quarter, to $126.7 billion. Since the end of the second quarter last year, the assets have plunged as much as 31 percent.