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October 26, 2004
Dear PeopleSoft Customer:
It's been three weeks since I returned to PeopleSoft, and what an amazing three weeks it's been. I accepted the CEO position
with a goal of delivering the best value for our customers and shareholders, and I'm confident that we'll meet this goal.
I would like to share with you some of my observations, a few of the decisions we've made, and the direction we are headed.
PeopleSoft was founded on a few simple principles: innovation, passion for employees, and relentless commitment to customers.
Over the past couple of weeks, I've had the opportunity to measure these principles while walking the hallways here in Pleasanton
and in Denver, meeting new employees, talking with customers, and catching up with old friends. I'm energized by what I see
and hear. PeopleSoft is a talented team of 11,000 uniquely qualified employees and we're rededicating ourselves to the core
values that helped shape our company from the beginning.
As I mentioned in my last letter, I'm joined by two gifted and dedicated co-presidents-Phil Wilmington, responsible for all
customer-facing operations, and Kevin Parker, leading all internal functions. I'm honored to have them as friends, and grateful
for their skill, commitment, and enthusiasm for managing our global operations.
Innovation
Since our founding in 1987, PeopleSoft has been synonymous with innovation. We delivered the first client/server architecture,
and we were the first-to-market with a pure internet architecture. We're now ready to take the next steps. Our management
team is working on enhancing our market-leading solutions with a long-term product and technology roadmap. This roadmap builds
on our commitment to our three product families and includes exploiting new technologies, developing new products, and entering
new markets. It's part of a renewed focus to further differentiate our products and services in a competitive marketplace.
Today, PeopleSoft is winning substantial new business, and with these product and technology investments, we will gain further
competitive advantage.
Spearheading our overall corporate strategy is Aneel Bhusri, PeopleSoft's Vice Chairman and one of the brightest minds in
the technology industry. Aneel worked beside me at PeopleSoft from 1993 to 1999, overseeing such activities as product strategy
and business development. He has spent the last five years as a general partner with Greylock Management immersed in business
technology start-ups. He has observed innovation first-hand and will bring that experience to helping shape PeopleSoft's
short- and long-term business visions.
Stan Swete, a long-time associate and familiar name at PeopleSoft, has rejoined our team as Executive Vice President of Products
and Technology. Stan worked at PeopleSoft from 1992 to 2002 in a number of key leadership positions. He'll be working with
Aneel and Rick Bergquist, PeopleSoft's Chief Technology Officer, to deliver the highest-quality, relevant, and innovative
business solutions for our customers. Stan's previous roles include Vice President of PeopleTools and Product Strategy, and
senior VP and GM of our Financials and Customer Relationship Management divisions. In 2000, he was responsible for one of
PeopleSoft's major technological milestones, our Pure Internet Architecture®, which enables enterprise applications to be
delivered through a standard browser. Stan is just the kind of leader to help shape our long-term product and technology
plans.
Employees
PeopleSoft's history of creative thinking has always been a testament to our tireless and dedicated people. As the world's
second-largest provider of enterprise application software, attracting and retaining motivated employees is an essential part
of our success. In addition to the enthusiasm I've seen in our employees in Pleasanton and Denver; I am also encouraged by
the close to 1,000 welcoming messages I've received from our employees and customers alike. PeopleSoft employees are up for
the challenge. Despite the distractions of the past 16 months, our employees around the world are determined to continue
to develop and support the best enterprise applications on the market.
Commitment to Customers
When our employees are enthusiastic and focused our customers share in the success that follows. I've been particularly proud
of how our employees and customers have maintained their resolve.
Our strong Q3 results underscore this point perfectly. Our accomplishments in the quarter include 34 customer sales with
revenue in excess of $1 million and the addition of 139 new customers. We also developed two new initiatives to help you
get the most from your PeopleSoft investment:
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PeopleSoft NOW - This program, available to all customers, makes upgrading to the latest product releases easier and more
cost effective.
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IBM alliance - PeopleSoft will standardize on IBM's market-leading WebSphere platform, deliver integrated industry offerings,
and establish the industry's first process interoperability lab.
We are firmly committed to initiatives like these and a renewed spirit of openness in our communication and relationship with
you. As part of this commitment, I'd like to invite you and members of your organization to a customer conference call.
We would like to share some of our long-range plans and address other topics that may be on your mind. The International
Customer Advisory Board (ICAB) will moderate the call, which will be hosted by co-presidents Phil Wilmington and Kevin Parker.
We encourage you to submit your questions to [
removed address]. You may participate on one of the following dates:
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November 9, 6 p.m. Pacific [removed contact information]
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November 10, 8 a.m. Pacific [removed contact information]
I anticipate this call will help you better understand our future direction. In the meantime, you'll probably continue to
hear media speculation about PeopleSoft and the possible outcome of legal and regulatory proceedings. I encourage you to
stay in close contact with your PeopleSoft account executives as your primary source of information. They are here to help
you stay connected. In the end, a strong partnership with our customers is PeopleSoft's best formula for success.
To summarize, I'm back at PeopleSoft for two main reasons:
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To retain the operational excellence we have achieved over the past 5 years and,
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To rejuvenate PeopleSoft's commitment to, and reputation for, innovative products, spirited employment, and service excellence.
I know I speak for all 11,000 employees in thanking you for your ongoing support and loyalty. We are all committed to your
success.
Sincerely, Dave Duffield
Chief Executive Officer
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