Conclusion
“As I said two months ago on Day One, we have major work ahead of us. Interpublic is -- and will remain -- a work in progress.
“In a short time, we have made significant strides against the topic priority I have set for the company. The balance sheet has been strengthened considerably and should be where we want it by year’s end. We have also brought on board a Chief Operating Officer who will be vital in driving the financial accountability and reliability within operating units. He will be instrumental in planning and implementing a costs savings acceleration program that is required in order to restore competitive margin performance.
“Turnarounds take time. I believe our company’s operating results in the second half of 2003 and the first half of 2004 will finally provide us with a firm baseline for the future performance of the real Interpublic.”
David Bell, Chairman and CEO, The Interpublic Group