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2004 ANNUAL MEETING OF SHAREHOLDERS
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Luc Desjardins
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hank you Rémi, and hello everyone.
At the beginning of his speech Rémi Marcoux mentioned the emotion he felt today delivering his annual message to you. I am sure that my emotional response is just as strong. Not only am I becoming the chief executive officer of a major corporation with an excellent reputation, but I am succeeding one of Quebec's greatest and surely most modest entrepreneurs.
It's a big job, Rémi, but I know we'll pull it off! Because we have the values, the strategy and the business model to do it. And, above all, because we have dedicated, capable and united people at every level of the organization and in every region that we operate in. |
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Transcontinental is a major North American success story. I don't know many companies that have grown so fast, in such a disciplined way and, to this point, so systematically. Since being listed on the stock exchange in 1984, the company has made it through recessions, participated in industry consolidation (which, let me add, is not yet over), adjusted to rapid technological change and, above all, has anticipated the continually evolving needs of its customers.
A great part of the reason for this success is the integrity, discipline, entrepreneurial spirit and sound instincts of its founder. What is most admirable is that Rémi Marcoux has led by example and made his personal values an integral part of our business culture. That's what Transcontinental is known for in the North American communications industry and among our employees, customers and shareholders. And the fundamental role of Horizon 2005 , a continuous improvement project launched in 2001, has been to ensure that Transcontinental's values and objectives continue to guide our daily decisions and behaviour throughout the company.
I joined Transcontinental four years ago because I shared the values of its founder. Like Rémi, I believe that a company differentiates itself through its values and the people who embody them. Ultimately, a company reflects the people in it!
I also joined Transcontinental because of the long-term vision of its founder and its customer-focused business model. In short, because of the company's excellent growth potential.
It is because of this long-term vision, for example, that Transcontinental remained firmly committed to print media, both as a printer and as a publisher, while continually adding complementary services to meet the new needs of clients, particularly with digital technology.
For us, it's not a matter of being the biggest, but of being considered the best by our customers in each of our niches. The true battle is winning customer loyalty. And there we're on solid ground. The company's first guiding principle is that the customer is the cornerstone of all our actions. That's what has brought us our success in the past and the success of our customers. And that is what our present and future development will continue to be based on. |
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When you and the Board of Directors place the direction of Transcontinental's operations in my hands, Rémi, it is not only me you are entrusting it to. You're placing it in the hands of a formidable team of managers that you yourself have helped build. This team has developed with the company and is now ready to take on an expanded role. The core of the team is formed of five top executives: Serge Bragdon, president of Information Products Printing; Guy R. Manuel, president of Marketing Products Printing; André Préfontaine, president of the Media sector; Don McKenzie, president of Transcontinental CC3 in the United States; and Daniel Denault, vice president and chief financial officer of the Corporation.
Furthermore, Transcontinental can count on its solid and stable management teams at head office, in each of its three operating sectors and in the United States, which also contain members of the Marcoux family. In today’s corporate climate, this stability represents an inestimable competitive advantage. |
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'd now like to talk to you about my vision for making Transcontinental a world-class company.
First of all, we must recognize that we're not starting from zero. From the very first, Transcontinental's corporate culture has paved the way for this new stage. I am thinking in particular of the emphasis on the customer, on innovation, on creativity and on continuous improvement. Our Horizon 2005 project has injected new energy into this solid base. We are now ready for the next stage.
Here's how we're going to become a world-class corporation together.
One, we're going to make sure that it's easy to do business with us, among other things by standardizing and simplifying our systems and processes. We're going to look at ourselves from the customer's point of view and change the way we work so that we save them time, money and frustration. Our customers must see us as a solutions provider, not as a simple supplier of products and services. We will continually move beyond our limits in the pursuit of efficiency.
Two, we're going to sell on a broad scale. This is the crux of the matter for any company and we're in the process of gaining a competitive lead in our markets. We will be multiplying our cross-selling approaches in order to offer our customers a broader line of products and services. We are convinced that customers will be reducing the number of suppliers they deal with. We now have 12 market teams in action and will be adding to that number in the years ahead. These cross-sector teams, which cover specific segments in the North American market, are gaining a deeper knowledge of each customer category and giving us a better understanding of market dynamics so that we can better identify the needs of customers in each market.
Three, we are going to tie our manufacturing strategy to our sales strategy. We are moving from a model based on business units to a model driven by the needs of our customers. We will be directing jobs to the unit in the network that can handle them most effectively and competitively. This will be one more step in the process of integrating Transcontinental into one single company.
Four, we will be broadening our corporate identity to cover all of Transcontinental. We will view our business units not as independent units, but as part of a bigger company composed of several entities. These units will collaborate with each other to create value for the customer.
So from now on we're going to measure ourselves against the best companies, not only in our industry, but around the world. We will employ the most specific and demanding performance indicators to ensure that we continually improve. We will make continuous improvement a way of life at Transcontinental. |
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To conclude, we have everything we need to make Transcontinental a world-class company: we have the strategy, the financial solidity and, at every level, the team: an experienced executive chairman of the board, a top- quality board of directors, extraordinary managers and the power of our 12,000 motivated employees.
I also want to assure you that we will continue our disciplined approach with respect to accretive acquisitions, rigorous financial management and sound corporate governance. As you know, integrity and transparency are values its founder has promoted as fundamental to the Corporation over the past 28 years, and Transcontinental management will always ensure that through these values we continue to earn the respect and confidence of our shareholders and financial partners.
Thank you for your attention.
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