Creating Long-Term Shareholder Value

Monthly Indexed Common Stock Price History 9/30/94 to 9/30/99
Index: 9/94 = 100

 

These accomplishments join many others that have been implemented over the past few years to fundamentally change BD. In fact, we have made so many changes that it’s possible they are not well known among our investors. There was ample evidence of that during the year. Too often, we heard a one-dimensional description of BD as “the world’s largest syringe manufacturer.” True enough, we are the world’s largest syringe manufacturer. But, we are a great deal more.

It would be more accurate to portray BD as a “leading global medical technology company.” Some of the ways in which we are reshaping BD through technology is the subject of the operations review section in this Annual Report. It is important to point out that technology at BD is not “me-too technology,” that is, undifferentiated and uninspired. Our people, and the environment in which they work, are what enable us to differentiate BD technology and add value to the products and services we deliver to the marketplace. That’s why we open the special report with a focus on BD people and our “One Company” initiatives.

On the subject of people, I have several comments. The first and most significant concerns Ed Ludwig. In May, Ed was named President of BD; at year-end 1999, he will succeed me as Chief Executive Officer, while I will continue as Chairman of the Board.

Based on experience and performance alone, Ed has the qualities to be an outstanding CEO. But, it is his leadership, vision, energy and personal values that make him extraordinarily well qualified to lead BD into the new millennium. Moreover, he has been a primary source of support during our transformation process, and he consistently has displayed the understanding of internal and external issues needed to navigate in the complex and challenging environment in which we operate. You will hear from Ed directly in this Annual Report, as he opens our special section.

I also want to take this opportunity to recognize Jack Galiardo. At the end of the year, Jack is retiring as our Vice Chairman and General Counsel. Throughout his 22 years of service, Jack made highly important contributions to the success of BD, especially concerning the legal and regulatory impacts on our business. All of us at BD thank Jack and wish him well in retirement.

I would like to welcome a new director, Willard J. (Mike) Overlock, Jr., to our Board. Mike is a retired partner from the investment banking firm of Goldman, Sachs & Co. His business acumen, experience and leadership have added a valuable perspective to our Board.

Sadly, our Director Gloria Shatto passed away during the year following a lengthy illness. Gloria, who was President of Berry College, served as a Director for 13 years beginning in 1986. We express our gratitude for her many contributions and extend our condolences to her family.

Before closing, I would like to express my personal gratitude and appreciation to two groups. First, I would like to thank our Board of Directors for its continued support through a multi-year transition as we position the Company for the future. Second, I want to thank our associates for their hard work during this period. Although it has been a difficult year, I am gratified that you are so thoroughly engaged in our transformation process, and I am fully aware of the many ways in which you have gone “above and beyond” to take on imposing tasks and win - with professionalism, integrity and spirit.

Clateo Castellini
Chairman of the Board and Chief Executive Officer