Dear Colleague,
Last year was one of the most eventful years I can recall in my more than 16 years with Mead
Johnson. As I reflect on our challenges and achievements from 2014, I hope you had the
opportunity to take well deserved time off with your family or friends over the holiday period.
Over the last few years, we have consistently evaluated ourselves against our objectives
grouped under the following four headings: operating to the highest standards, creating
shareholder value, driving growth and developing our collective capabilities. Though I am
unable to share our final financial results at this stage, I would like to comment on progress
made under each of these headings.
Operating to the Highest Standards
As we continued to learn from our experience in China, we have made significant progress to
enhance our behavioural standards, compliance monitoring and our controls. I want, in
particular, to recognize the progress made in China and the ability of our China organization to
adapt quickly to our strengthened processes. As a sign of our ongoing commitment to the
highest level of integrity within our business, we established a new and separate Risk
Management and Compliance function, which now reports directly to me. This new function in
partnership with our Legal, Financial Controls and Internal Audit functions devoted significant
energy to our effort to strengthen and reinforce our processes, controls and standards of
expected behaviour. Thanks to all our operating businesses for embracing this important effort
and focusing our organization on continuous improvement. We will be a stronger company
because of it – and are hence better positioned for the year ahead.
Creating Shareholder Value
While we got used to working through new processes, we continued to create shareholder value
by driving growth in both revenue and profits. Though I cannot share final results for 2014, I can
say that our performance was strong and for a second consecutive year, we have grown
revenue in each of our regions.
Driving Growth
In a year where our profitability was challenged by record high dairy costs, we can take pride in
our commitment to driving growth. We spent more than 14% of sales in Advertising & Promotion
and continue to outspend our peers on a relative basis. As a result, we managed to translate
our marketing plans into share gains in 11 of our top 13 markets. We invested heavily in our
Enfa relaunches around the world, launched Ready-To-Drink versions in more markets,
completed our rollout into Asia of key Specialty products, and continued to drive penetration of
Growing Up Milks in the United States.
Dear Colleague,
Last year was one of the most eventful years I can recall in my more than 16 years with Mead
Johnson. As I reflect on our challenges and achievements from 2014, I hope you had the
opportunity to take well deserved time off with your family or friends over the holiday period.
Over the last few years, we have consistently evaluated ourselves against our objectives
grouped under the following four headings: operating to the highest standards, creating
shareholder value, driving growth and developing our collective capabilities. Though I am
unable to share our final financial results at this stage, I would like to comment on progress
made under each of these headings.
Operating to the Highest Standards
As we continued to learn from our experience in China, we have made significant progress to
enhance our behavioural standards, compliance monitoring and our controls. I want, in
particular, to recognize the progress made in China and the ability of our China organization to
adapt quickly to our strengthened processes. As a sign of our ongoing commitment to the
highest level of integrity within our business, we established a new and separate Risk
Management and Compliance function, which now reports directly to me. This new function in
partnership with our Legal, Financial Controls and Internal Audit functions devoted significant
energy to our effort to strengthen and reinforce our processes, controls and standards of
expected behaviour. Thanks to all our operating businesses for embracing this important effort
and focusing our organization on continuous improvement. We will be a stronger company
because of it – and are hence better positioned for the year ahead.
Creating Shareholder Value
While we got used to working through new processes, we continued to create shareholder value
by driving growth in both revenue and profits. Though I cannot share final results for 2014, I can
say that our performance was strong and for a second consecutive year, we have grown
revenue in each of our regions.
Driving Growth
In a year where our profitability was challenged by record high dairy costs, we can take pride in
our commitment to driving growth. We spent more than 14% of sales in Advertising & Promotion
and continue to outspend our peers on a relative basis. As a result, we managed to translate
our marketing plans into share gains in 11 of our top 13 markets. We invested heavily in our
Enfa relaunches around the world, launched Ready-To-Drink versions in more markets,
completed our rollout into Asia of key Specialty products, and continued to drive penetration of
Growing Up Milks in the United States.
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