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The year 2005 was the first full year of our nationwide, 10-year goal to lend and invest $750 billion in community development. Our investments in low- to moderate-income neighborhoods across the country spur economic development and reflect our commitment to neighborhood excellence. This initiative took on new meaning in the wake of Hurricanes Katrina and Rita, when we committed up to $100 million to rebuild neighborhoods along the Gulf Coast.
Philanthropic investment comes in two forms: money and time. Our charitable donations in 2005 exceeded $130 million, making us one of the most generous corporations in America. And our associates, all of whom are encouraged to volunteer up to two hours a week in their communities on company time, spent hundreds of thousands of hours strengthening the communities in which they live. Most important, we are deploying these resources in conjunction with our foundation’s Neighborhood Excellence Initiative, which relies on the knowledge of local leaders to direct volunteer time and money to the organizations most critical to the success of individual communities.
It is through the leadership of our associates that we are able to achieve higher standards of performance for our customers, shareholders and communities. One of our key leaders retired from the company in 2005—Marc Oken, who served as our chief financial officer. Marc’s contributions to our company’s success over the past 17 years have been great. I personally appreciate his commitment and leadership and wish him all the best.
Stepping into the CFO role is Alvaro de Molina, a 17-year executive who most recently led our corporate and investment banking team in 2004–2005. Al’s sharp financial mind, communication skills and leadership ability will serve us well as he takes on his new role.
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We also welcome two new directors to our company. Joining us is Frank Bramble, former executive officer, MBNA, and the former chairman and CEO of Maryland National Corp. And, recently retired from the United States Army, General Tommy Franks joined our board in January. Frank and Tommy bring rich and diverse leadership experience to our team, and I look forward to their contributions.
Retiring from our board are Charles Coker, former chairman and CEO of Sonoco Products of Hartsville, SC, and Edward Romero, former ambassador to Spain. Charlie joined the board in 1969, the same year I joined the company. His leadership, guidance and service have been a great benefit to the company for 37 years, and to me personally during my time as chairman. Ed also has made important contributions to our board in his two years of service. I appreciate all that Charlie and Ed have done for us, and I wish them the best in their future endeavors.
In a year marked by challenge, opportunity and growth, I would like to thank our customers for their business, our investors for their trust and all our associates and directors for the work they do for our company. I look forward to even greater achievements in the year ahead and, as always, I welcome your thoughts and suggestions.
KENNETH D. LEWIS
CHAIRMAN, CHIEF EXECUTIVE OFFICER AND PRESIDENT
MARCH 16, 2006
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