Whirlpool 2004 Annual Report Download - page 6

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Creating unmatched customer loyalty for our brands
requires a flow of unique innovative solutions.
leveraging our technology, design, procurement,
innovation and supply chain globally, making us faster
and more efficient.
Outlook
For 2005, we expect moderate growth in global consumer
demand and continued increases in raw material costs
such as steel, metals, resins and other oil-related products.
Within this environment, we are focused on driving
revenue growth, earnings and cash flow improvements by
continuing to successfully execute our strategies. In
particular, we have taken actions to:
• Implement global price increases of approximately
5-to-10 percent in most key markets around the world.
• Drive record levels of productivity, leverage our global
operating platform, and reduce non-product
investment-related spending.
• Accelerate the rate of innovation to the market and
introduce a large number of new products from our
innovation pipeline throughout the year.
We are confident that these plans will result in business
growth and solid financial performance during the year.
Corporate Responsibility
Customers worldwide continue to rank corporate social
responsibility as an important driver of their brand loyalty.
We couldn't be more delighted, as Whirlpool has a strong
history of various social philanthropic programs. This core
value, central to our company's culture, has remained
constant during years of growth and change.
Most noteworthy is Whirlpool Corporation's five-
year, $25 million commitment to Habitat for Humanity
International. This partnership has provided more than
50,000 appliances to Habitat homes built in North
America, and has recently expanded into Europe. Broad
employee participation in the program includes the
personal commitment of more than 3,500 Whirlpool
people involved in building Habitat homes. The
Whirlpool Foundation has contributed more than
$1.2 million in matching funds for employee
contributions and direct grants to Habitat. The ideals of
this program reflect Whirlpool's belief that communities
and individuals must work together to strengthen families
in ways that are measurable and sustainable.
Leadership Transition
June 30, 2004, marked an important milestone for
Whirlpool Corporation. Dave Whitwam, Chairman and
CEO since 1987, retired after 38 years of dedicated
service to our company. During Dave's tenure as CEO,
Whirlpool changed from a $4 billion U.S. appliance
company to a $13 billion leader in the global appliance
industry. His vision to transform Whirlpool into a global,
consumer branded business has left a lasting mark on our
company. Dave's leadership, inspiration and dedication to
our company are greatly appreciated by all of us who have
worked with him.
Today, Whirlpool is well prepared to lead and shape
the global business that we operate. We are the global
leader in this industry. We've built a competitive global
operating platform. We have the leading appliance brands
around the world, and we are developing the skills and
capabilities required to succeed at the next level.
I am personally honored to have become Chairman,
President and CEO of Whirlpool Corporation. Our
leadership team, our 68,000 employees and I are
committed to the future success of our company. Our
focus is to create value for our shareholders, customers and
employees. We look forward to delivering on this
commitment in 2005.
Jeff M. Fettig
Chairman, President
and Chief Executive Officer