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Wednesday, October 23, 2002

Stilwell Tweaks Its Board

by: Ki Kim

Stilwell Financial has elected four new members to its board of directors, while two directors, Morton Sosland and Andrew Rudd, have resigned their seats. Another standing member is expected to resign in the near future, and the firm is now looking for a suitable replacement, confirmed a spokesperson at Stilwell.

Morton Sosland, chairman of the board of Sosland Companies, has been a member of Stilwell's board since the company's inception in 2000 and his affiliation with Janus and Stilwell stretches back some 26 years. The aim of the board is to maintain a long-term focus and commitment, and it was somewhat unreasonable for the firm to expect another twenty-some years from Sosland, the spokesperson noted.

Andrew Rudd, chairman of the board of Barra, joined the Stilwell board earlier this year. He has resigned partly in response to the New York Stock Exchange's proposal that the majority of independent members of any board be "disinterested." Barra provides risk management services to Janus Capital Management.

Stilwell owns about 92 percent of Janus Capital Management, 87 percent of Berger Financial Group, 81 percent of Nelson Money Managers and 33 percent of DST Systems.

The new members are Andrew Cox, Jim Craig, Helen Young Hayes and Mark Whiston. Cox, an investment management consultant, was a securities analyst and portfolio manager from 1976 to 1988. He was the chief investment officer of The Founders Family of Mutual Funds for six of those years.

Whiston, the president of retail and institutional services at Janus, will become chief executive officer of Stilwell on January 1, 2003 when it will be renamed Janus Capital Management. Whiston, a member of the Investment Company Institute Board of Governors, joined Janus in 1991.

Craig, president of the Rebecca T. and James P. Craig Foundation, was the chief investment officer and director of research at Janus until September 2000. Young Hayes is Janus' managing director of investments and has managed or co-managed Janus Worldwide Fund and Janus Overseas Fund since their inceptions. She came to Janus in 1987 from Fred Alger Management.  

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