On behalf of the board of directors, we congratulate David and his team on their accomplishments during fiscal 2001. It has always been Emerson managements practice to work closely with the board on major issues, and that process continues. In a year of significant economic challenge, we strongly endorse the steps management has taken to position the Company for the recovery and for the long term. The boards broad experience and insight played a valuable role in the process.

 

Weve recently added new expertise to the board in Arthur Golden, Carlos Fernandez and Joseph Prueher. Arthur is a long-time, valued adviser to Emerson, and Carlos provides excellent insight in marketing and Latin America. Joes understanding of Asia will be especially valuable. Asia is a significant and fast-growing market, which will play an important role in Emersons growth as our presence there continues to increase.

 

I want to thank Joe Frates for the contribution he has made as a board member to Emerson and three CEOs over 35 years. We will miss Joes leadership, wisdom and counsel when he retires in February 2002. Over the next few years, additional board positions will change as retirements occur and we add new expertise in the areas important to Emersons future.