Emerson 2004 Annual Report Download - page 7

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make an impact on their success.
As a result, Emerson’s solutions
and services currently generate
approximately 10 percent of sales
and will continue to be one of our top
growth initiatives.
Delivering on these priorities has
enabled us to create strong business
platforms – Process Management,
Network Power, Climate Technologies,
Industrial Automation, and Appliance
and Tools – that generate unique
competitive advantages for our
customers and value for shareholders.
Commitment
to High Standards
Everything we do reflects a
commitment to the highest standards
of personal and corporate ethics. We
reinforce these standards through
ongoing training programs that reach
all of our employees around the world.
Further, Emerson’s commitment
to its shareholders includes a clear
and well-thought-out approach to
corporate and business governance. For
many years Emerson has had specific
and consistent standards for the
structure, membership, functions, and
responsibilities of its board and board
committees. These are documented
in our “Statement of Corporate
Governance Principles and Practices,”
which is accessible on the company’s
Web site.
We know that everything we
accomplish rests on the skill, integrity,
commitment, and dedication of our
employees. We offer challenging, fair,
and rewarding employment for our
employees and set high expectations
for performance. In 2004, our
employees around the world again
met the challenge, and I thank them
for their outstanding contributions
to strengthening our position for
the future.
Chuck Knight and Emerson
I would like to close with a personal
comment. In September, Charles F.
Knight retired as chairman of Emerson
after serving with commitment,
intensity, and integrity for over 30 years.
He has been named to the honorary
position of chairman emeritus.
The positive impact Chuck had
on our company and on behalf of
our shareholders over those three
decades, and during his 27 years
as CEO, was enormous. When he
arrived, Emerson’s annual sales were
approximately $800 million, and
mostly within the United States.
When he stepped down in September,
Emerson was well established as a
leading technology-based global
manufacturing company with sales of
$15.6 billion. His contributions cannot
be overestimated in areas such as new
product development, acquisitions,
operational excellence, strategy
and planning, the development of
countless leaders, and the practice
of management itself.
I have had the pleasure of working
with Chuck for over 23 years. No
one could have asked for a more
capable mentor, trusted advisor, or
valued friend.
Going forward, Emerson will
continue to embody the disciplined
management process and high
standards that Chuck represents. By
maintaining focus and intensity on our
key priorities, we are optimistic we
will continue to deliver further growth
in sales, profitability, and earnings in
2005 and beyond.
David N. Farr
Chairman and Chief Executive Officer