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Our earnings in 2003 trailed our long-term goal of double-digit growth. We will have another challenging year in 2004 as we go through the final year of the U.S. gas turbine decline, lower non-cash pension earnings and the impact of portfolio moves. But this is a great time for your company. The GE team, working with the support of your Board of Directors, is completing a dramatic strategic repositioning of GE while continuing to execute at a high level. We have put together all of the major pieces to generate consistent double-digit growth starting in 2005.
Two important CEO lessons were reinforced for me last year: the value of context, and the importance of driving change. By “context” I mean understanding important global trends and their impact on GE. I believe we are going through a time of rapid and meaningful changes to the economic environment. My belief has only increased my desire to accelerate change at GE. GE must look different…act different…be different…to excel in the years ahead.
Over the next few pages, I want to describe the environment we see and the changes we are driving to build a company that wins in the future.
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