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A FOUNDATION FOR FUTURE GROWTH
We are mindful that few companies survive to
celebrate their 150th anniversaries, as we did during 2000.
And fewer still are able to reinvent themselves over time as
market conditions and customer needs change. Over the past
few years, we have restored American Express to growth, and
have established momentum in nearly all areas of our
business. The organization changes we made during 2000 are
intended to help us build on that momentum ‚ to beat the
competition and win more customers ‚ by bringing together
the key elements of our core businesses.
Given the more difficult economic
environment, as well as the increasing competitive pressures
we face ‚ both from existing competitors and from new
entrants empowered by the Internet ‚ we cannot afford to
rest. In the 1980s, we learned the hard way that complacency
can prove harmful. Today, it could be fatal. We recognize
this and have put in place a number of initiatives to help
us address our challenges and continue to strengthen our
franchise.
To keep American Express Company vibrant and
growing well into the future, we must continue to encourage
creativity at all levels. We must embrace change and become
more comfortable with ambiguity. We must execute our
strategies superbly and focus single-mindedly on winning in
the marketplace.
As has been the case throughout our history,
it is our people who will reinvent and reinvigorate American
Express. Ultimately, they will determine whether or not we
will be successful. We have the resources, the capabilities
and the talent to win in every market and in every industry
in which we compete. We count on the continued support of
each of you ‚ our shareholders, our customers and especially
our employees ‚ to help us not just compete, but win.
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