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Digital River, Inc. (DRIV)

2013 Annual Shareholder Meeting

May 23, 2013 4:30 pm ET


Stephan B. Schulz - Chief Financial Officer, Principal Accounting Officer and Treasurer

Thomas F. Madison - Chairman and Chairman of Nominating & Corporate Governance Committee

David C. Dobson - Chief Executive Officer

Kevin L. Crudden - Senior Vice President, General Counsel and Secretary



Welcome to the Digital River 2013 Annual Meeting of Stockholders. Please note this is event is being recorded. I would now like to turn the program over to Mr. Stephan Schulz, Digital River's Chief Financial Officer. Please go ahead.

Stephan B. Schulz

Thank you, operator. Good afternoon, everyone. Before I begin, though, I would ask that those of you in attendance here, please turn to your cell phones to a vibrate or off, please.

I want to welcome everyone to our 2013 Annual Meeting of Stockholders. As you know, today's meeting is being webcast to provide all stockholders an opportunity to participate.

When we open the meeting for questions, we plan to take questions from online attendees, as well as from those of you who are with us here today.

Also, please be advised that the statements that are going to be made during the course of this meeting that are not historical are forward-looking in nature, including statements containing the words, believes, anticipate, expects and similar words. Such forward-looking statements involve known and unknown risks, uncertainties and other factors, which may cause actual results to differ materially from these expectations. For a detailed discussion of these risk factors and uncertainties, please see the company's filings with the Securities and Exchange Commission.

Now, I'd like to hand the call over to our Chairman of the Board, Tom Madison.

Thomas F. Madison

Am I on?

Stephan B. Schulz

You are.

Thomas F. Madison

I am. Thank you. I also would like to welcome all of you. And on behalf of all of the employees of Digital River and on behalf of the Board of Directors, we're happy that you're here. Annual meetings are a special time. It's an opportunity, obviously, for the company to talk about their plans and their future and give you an opportunity to ask any questions. So every annual meeting is a special time for all of us.

This particular annual meeting is special for another reason. And before I get to that, I'd like to introduce some people that are here with us today that are part of the Board and key players in helping management move forward. So let me introduce the Board of Directors: Al Castino, please stand when I introduce you; Cheryl Rosner; Doug Steenland; Perry Steiner; and Tim Pawlenty.

While I'm introducing people, let me also introduce our outside auditors from Ernst & Young: Doug Urbanciz and Sarah Erickson.

In November, I had the opportunity to come to Digital River and become more involved with the company on a full-time basis. I had an opportunity to meet a lot of clients, customers, employees and investors, and it was a very interesting time for me. So from November 1 until almost the 1st of March, I was deeply immersed in Digital River.

In addition to that, during that time frame, we had the opportunity to do a search for our new CEO. And we did an extensive search, worldwide search, and a lot of great candidates. And after sorting through all of the candidates, we came down with a selection. And as I think back about that process, I think it was valuable for the search committee, it was valuable for the board to go through that process and understand and know what talent is out there in this particular area, technology.

We selected Dave Dobson. And Dave brings to the company a significant amount of experience. As you can see on the view graph there, he's been involved with technology his whole career, a significant amount of time with IBM. He ran Corel software, a public and a private company, a software company, headquartered in Canada. Dave is from Canada. But this company was located in Canada. He was with Computer Associates, and most recently, with Pitney Bowes. And as you evaluate and look at, as we did as a search committee, I understood a little more about what Dave's capabilities are. And he brings to the company, not only the technology experience, but he brings to the company a significant amount of experience in strategy, in marketing and sales and general management. And I think you're all going to see as shareholders and as employees a leadership skill that will help drive and lead Digital River to many, many years of success.

As I said, annual meetings are special times for companies to communicate their message. But this one is particularly special because we now have a new CEO that will be our leader. So with that, I'd like to introduce Dave Dobson, the President and CEO of Digital River. Dave?

David C. Dobson

Thank you, Tom. Well, good afternoon, and thank you very much to my board colleagues, to some of our employees and especially to our shareholders. Again, welcome to our 2013 shareholders meeting.

I'm absolutely delighted to be here are [indiscernible] and if you can, thank you very much, flip the slides for me. I'm delighted to be here at Digital River. I've been here since the beginning of March, so almost 90 days, and I'm very excited to be a part of this team. I think it's an incredible time to be a part of this industry and to be a part of this company.

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