I have been CEO for 100 days and many of you have asked me about the state of our Naval Institute and the direction we will take from here. The key words in this case are “we” and “our,” because any success we enjoy in the future will come with significant member involvement and strong support.
Like many other associations and professional societies, the Naval Institute experienced a particularly difficult economic period over the past few years. During the downturn of 2008, the Institute suffered declining revenues (book sales and membership dues) and a decrease in the market value of our investment portfolio.
The Naval Institute also weathered an impassioned debate about its future direction. After considerable deliberation and dialogue, we resolved to retain our existing mission statement unchanged. This decision does not mean the Institute should not grow and change. The bottom line is the Institute’s mission statement is on the mark and gives us the vision and guidance to serve our members better and realize our full potential.
We face challenges: