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62015 ANNUAL REPORT
adviser and touch-point into Silicon Valley for
Graham Holdings. I first got to know Dave years
ago, before I was involved at GHC. As a fellow
Minnesota native with an irrational love for the
Minnesota Vikings, we hit it o from day one. Dave
was a huge contributor to the GHC board and was
instrumental in helping SocialCode shape its team
and strategy. We are grateful for the time we had
with him. We know Graham Holdings is a better
company because of Dave’s involvement and that
Dave made the world a better place.
What do we envision for the future of Graham
Holdings?
Will our core values change?
For those who owned shares during Donald Graham’s
stewardship, you witnessed business magic: He
significantly outperformed his peers and generated
significant returns during his nearly 25-year tenure
as CEO. Don took over a newspaper business that
had some very good years ahead of it, but eventually
faced disruption that humbled even the strongest
players. He navigated this minefield and leaves
behind a diversified enterprise with a strong balance
sheet and solid growth prospects.
Just as importantly, Don leaves a company whose
values are well known to everyone who does business
with us: Graham Holdings is honorable in all of its
dealings; puts the quality of its products and the
success of its customers ahead of its own short-term
profits; keeps its word; is a determined but fair
competitor and a trustworthy partner; and is an
employer that values its employees, has shown great
loyalty to them, and has won their loyalty in return.
Not coincidentally, these are also Don’s values and
those of Katharine Graham, who preceded him. If you
were lucky enough to have been a shareholder since
the Company went public, then you know the role this
Company played in major world events and the values on
which it has always operated. You also know that those
values have not stood in the way of business success. On
the contrary, they have contributed in important ways
to the Company’s ability to generate truly remarkable
returns for shareholders over many years.
Which brings me to my own core beliefs:
n You are our business partners and co-owners, and
we work for you.
n We aim to be one of the most long-term focused,
shareholder-friendly companies you can find.
n We will measure our success based on long-term
financial results, satisfied customers, and a cul-
ture that allows our employees to build careers
and prosper.
for those Who oWned shares
durIng donald graham’s
steWardshIp, you WItnessed
busIness magIc: he sIgnIfIcantly
outperformed hIs peers and
generated sIgnIfIcant returns
durIng hIs nearly 25-year tenure
as ceo.