DST Systems Appoints Brent L. Law to Board of Directors; Names Lawrence Higby
Lead Independent Director
KANSAS CITY, Mo., Jan. 22, 2013
KANSAS CITY, Mo., Jan. 22, 2013 /PRNewswire/ --DST Systems, Inc. (NYSE: DST)
today announced that the DST Board of Directors has appointed Brent L. Law,
47, Chief Investment Officer at Arnel & Affiliates, to the Company's Board of
Directors, effective immediately. Mr. Law succeeds Robert T. Jackson, Lead
Independent Director, who has stepped down from the Board. Lawrence M. Higby,
a member of the Board since May 2011, has been appointed as Lead Independent
Mr. Law will join current directors, Stephen C. Hooley, Chief Executive
Officer, and A. Edward Allinson, on the Board nominated slate of candidates
for election to the 2016 class of directors at the Company's 2013 Annual
Meeting of Shareholders. If the Board's nominated directors are elected,
DST's Board will be comprised of eight directors, seven of whom are
Mr. Higby said, "On behalf of the Board and the Company, I am pleased that
Brent Law is joining the DST Board as a new independent director, and I am
confident his expertise in finance and investment management will make him a
valuable addition to DST. In addition, I thank Bob for his more than six
years of service to DST and his valuable contributions as former Chairman of
our Audit Committee and Lead Director, and wish him all the best."
George Argyros, DST's largest shareholder and a current director, and his
affiliates have expressed their support for the Board's nominated directors by
agreeing to vote all of their shares, representing approximately 22% of the
Company's outstanding common shares, in favor of Messrs. Allinson, Hooley and
Law at the 2013 Annual Meeting.
Mr. Argyros said, "DST is a great company with significant prospects for
growth and value creation. We have a solid management team in place, led by
CEO Steve Hooley, which has the full support of the Board. The Board and
management team are committed to continuing to work closely and cooperatively
to enhance value for all DST shareholders. Together, we are making great
progress executing the Company's strategic priorities and positioning DST for
its next phase of success."
An agreement regarding these matters will be included as an exhibit to the
Company's Current Report on Form 8-K to be filed with the Securities and
About Brent L. Law
Mr. Law currently serves as Chief Investment Officer and Director of Taxes at
Arnel & Affiliates, a privately owned real estate development company based in
Orange County, CA. Prior to that, Mr. Law served as Vice President of Finance
at eJets from January 2000 till October 2001. He began his career at KPMG US,
where he served for nine years, most recently as a Senior Tax Manager. Mr. Law
is a Certified Public Accountant and received a Master's degree in Accounting
with an emphasis in Taxation and a Bachelor's degree in Accounting from
Brigham Young University.
About DST Systems, Inc.
DST Systems, Inc. provides sophisticated information processing solutions and
services to support the global asset management, insurance, retirement,
brokerage, and healthcare industries. In addition to technology products and
services, DST also provides integrated print and electronic statement and
billing solutions through DST Output. DST's world-class data centers provide
technology infrastructure support for financial services and healthcare
companies around the globe. Headquartered in Kansas City, MO., DST is a
publicly traded company on the New York Stock Exchange.
* * * * *
Safe Harbor Statement
Certain material presented in the press release includes forward-looking
statements intended to qualify for the safe harbor from liability established
by the Private Securities Litigation Reform Act of 1995. These forward-looking
statements include, but are not limited to, (i) all statements, other than
statements of historical fact, included in this press release that address
activities, events or developments that we expect or anticipate will or may
occur in the future or that depend on future events, or (ii) statements about
our future business plans and strategy and other statements that describe the
Company's outlook, objectives, plans, intentions or goals, and any discussion
of future operating or financial performance. Whenever used, words such as
"may," "will," "would," "should," "potential," "strategy," "anticipates,"
"estimates," "expects," "project," "predict," "intends," "plans," "believes,"
"targets" and other terms of similar meaning are intended to identify such
forward-looking statements. Forward-looking statements are uncertain and to
some extent unpredictable, and involve known and unknown risks, uncertainties
and other important factors that could cause actual results to differ
materially from those expressed or implied in, or reasonably inferred from,
such forward-looking statements. Factors that could cause results to differ
materially from those anticipated include, but are not limited to, the risk
factors and cautionary statements included in the Company's periodic and
current reports (Forms 10-K, 10-Q and 8-K) filed from time to time with the
Securities and Exchange Commission. All such factors should be considered in
evaluating any forward-looking statements. The Company undertakes no
obligation to update any forward-looking statements in this press release to
reflect new information, future events or otherwise.
Additional Information and Where to Find It
DST Systems, Inc. (the "Company"), its directors and certain of its executive
officers may be deemed to be participants in the solicitation of proxies from
stockholders in connection with the Company's 2013 Annual Meeting of
Stockholders (the "2013 Annual Meeting"). The Company plans to file a proxy
statement with the Securities and Exchange Commission (the "SEC") in
connection with the solicitation of proxies for the 2013 Annual Meeting (the
"2013 Proxy Statement"). STOCKHOLDERS ARE URGED TO READ THE 2013 PROXY
STATEMENT (INCLUDING ANY AMENDMENTS OR SUPPLEMENTS THERETO) AND ANY OTHER
RELEVANT DOCUMENTS THAT THE COMPANY WILL FILE WITH THE SEC WHEN THEY BECOME
AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION. Additional
information regarding the identity of these potential participants, including
their direct or indirect interests, by security holdings or otherwise, will be
set forth in the 2013 Proxy Statement and other materials to be filed with the
SEC in connection with the 2013 Annual Meeting. Other than Mr. George L.
Argyros (who owns approximately 22.0% of the Company's common stock), none of
the potential participants owns in excess of 1% of the Company's common stock.
Certain information about the potential participants can also be found in the
Company's Annual Report on Form 10-K for the year ended December 31, 2011,
filed with the SEC on February 29, 2012, and in the Company's proxy statement
for its 2012 Annual Meeting of Stockholders (the "2012 Proxy Statement"),
filed with the SEC on March 15, 2012. To the extent holdings of the Company's
securities have changed since the amounts printed in the 2012 Proxy Statement,
such changes have been or will be reflected on Statements of Change in
Ownership on Form 4 filed with the SEC.
Stockholders will be able to obtain, free of charge, copies of the definitive
2013 Proxy Statement and any other documents filed by the Company with the SEC
in connection with the 2013 Annual Meeting at the SEC's website
(http://www.sec.gov), at the Company's website (http://www.dstsystems.com) or
by writing to Mr. Randall D. Young, DST Systems, Inc., 333 West 11th Street,
Kansas City, MO 64105.
Kenneth V. Hager, Vice President and Chief Financial Officer
Matthew Sherman / Nicholas Lamplough
Joele Frank, Wilkinson Brimmer Katcher
Art Crozier / Jennifer Shotwell / Larry Miller
Innisfree M&A Incorporated
SOURCE DST Systems, Inc.
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