Pitney Bowes 2002 Annual Report Download - page 6

group to maximize cross-selling opportunities in our top
25 enterprise accounts. We’re also expanding our payment
solutions outside the U.S. and emphasizing greater
cross-selling of our professional and information services.
Internal Commitment
To advance and strengthen our growth initiatives, we have
four major streamlining efforts:
∏To build on the advancements made in 2002 through
our long-term enterprise resource planning initiative,
we will upgrade our field service management system,
deliver better performance and improve order fulfillment.
∏Our Human Resources Transformation project will
align our HR functions internally, giving employees
more self-service options.
∏Our goal is to reduce general and administrative
expenses as a percentage of revenue by 2% by 2006.
∏We will focus on simplifying our customer order
entry process.
The two-year, $100 million after-tax restructuring
program announced in January, 2003 will enable us to
realize benefits from our growth initiatives and transition
manufacturing toward high-value assembly, test and
configuration.
We continue to invest substantially in leadership, sales
training and employee education.
Our emphasis is on strong leadership with qualified
back-up for every key position. We are defining leadership
competencies, evaluating talent against those criteria,
and systematically training, coaching and developing
that talent.
As a company that values diversity, we were again named
one of the top 50 companies in FORTUNE Magazine’s
Best Companies for Minority Employees. We were also
honored to receive awards for ethical business conduct
and corporate citizenship.
I have great pride in Pitney Bowes’ longstanding
commitment to integrity and ethical practices. Our Board
of Directors has been committed to good corporate
governance for many years. The reforms presented
through the Sarbanes-Oxley Act of 2002 and The New
York Stock Exchange listing standards have given us
an opportunity to revisit and update our Governance
Principles, Committee Charters and some of our internal
practices. We view these changes as an expansion and
improvement of existing practices that we believe, even
prior to the reforms, represented best practices in
governance. Our Board seeks to continually embrace
and implement sound practices for the benefit of our
company and its shareholders.
I would like to thank all of the Pitney Bowes employees
who continue to demonstrate their loyalty and
commitment to our customers every day. In particular,
I would like to extend best wishes and thanks to two
senior members of my staff. John Moody, Executive Vice
President—Office of the Chairman, has retired from
Pitney Bowes after 32 years. Through his years of service,
John skillfully led many operations including our U.S.
mailing business. Sara Moss, who left us in February,
has served as our Senior Vice President and General
Counsel for the last six years and has been a key architect
in helping position us for future success. I would also
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