J.C. Penney is one of the legendary names in American retailing, and I am honored to be part of this great company. I have met with members of the board and top management, and we are all enthusiastic about what we can achieve together. The desire to succeed is extremely strong here, and I am pleased to have been given he opportunity to lead the company.
During 2001, we will be focusing our efforts on merchandise assortments, enhanced marketing, and expense reductions. Although it will be two to five years before we fully restore the profitability of our business to competitive levels, I am confident that incremental progress will continue to be made over the next several years.