LETTER TO OUR SHAREHOLDERS
1997
A YEAR OF TRANSITIONS
Nineteen ninety-seven was a pivotal year for Florida Progress--a year of
important transitions that has set the stage for our future growth.
So begins the Florida Progress Corporation Letter to Shareholders
in the 1997 annual report published and delivered to shareholders
this month.
The letter, from Florida Progress Chairman Jack Critchfield and
Florida Progress President & CEO Dick Korpan, outlines the
challenges and milestones all of the Progress companies experienced
last year.
It also explains a new process at Florida Progress using an
Operating Committee to chart the philosophy and strategic direction
of the company.
The annual report has a customer-oriented theme--Expanding
Customer Horizons-- and uses some of our customers throughout the
report, giving their ideas and perspectives on how we serve them as a
company today and what they'll expect from us in the near future.
Critchfield ends the Letter to Shareholders announcing that he'll
be stepping down soon as chairman and passing the leadership
position to Korpan.
"This is the last letter to shareholders that we jointly sign -- the
responsibilities of the chairman's position will soon pass between us.
But as we both look back on the transitions and successes of 1997, we
can see the firm foundation for future expansion."
Also mailed to shareholders is the proxy statement that includes a
listing of the six highest-paid company executives and their salaries
and bonuses last year.
Shareholder
Proposals
The Florida Progress Board of
Directors recommends a vote
"against" the following share-
holder proposals:
A. Require shareholder
approval of annual salary
increases for
executive officers greater
than 2 percent.
B. Prepare a special report on
the Crystal River Nuclear
Plant to be available to
shareholders within six
months of the 1998
Annual Meeting.
Square Box with
"The 1998
Florida Progress
Corporation Annual
Meeting of Shareholders
will be held at 9 a.m.
Friday, April 17 at
Ruth Eckerd Hall
In Clearwater"
Power Lines March/April 1998 (3)
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