American Express 2002 Annual Report Download - page 5

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I3AXP I
TO OUR SHAREHOLDERS:
American Express emerged from 2002 a stronger and more resilient company.
In a challenging business environment, we not only delivered good financial
results but also made fundamental changes that will better enable us to grow
our business over the long term.
We entered the year with several important goals: to deliver solid earnings,
improve the underlying economics of our business, lower our risk profile and
increase investments in business-building activities. By most measures, we
achieved what we set out to do – all against the backdrop of weak economies
and financial markets. As a result, we ended the year with a business that
is more flexible and adaptable, less reliant on robust market conditions to
deliver strong results, and more aggressive in the marketplace.
KENNETH I. CHENAULT Chairman and Chief Executive O fficer