Interpublic Names Frank J. Borelli Presiding Director
NEW YORK--(BUSINESS WIRE)--Nov. 6, 2002--As part of its ongoing efforts to adopt best practices in corporate governance, The Interpublic Group (NYSE: IPG) announced today that its Board of Directors had unanimously chosen Frank J. Borelli to serve in the newly-created position of Presiding Director.
The appointment is the latest in a number of initiatives relating to corporate governance at Interpublic. In February of this year, the company became the first in its industry to move to a board made up wholly of outside directors, excepting the company's Chief Executive and Chief Financial Officers. In July, Interpublic established a Corporate Governance Committee, led by Jill M. Considine, Chairman and CEO of the Depository Trust & Clearing Corporation.
"The role of the presiding director is to serve as a means of ensuring optimal communication between the board and management, as well as more active participation by board members," explained John J. Dooner, Jr., Interpublic's Chairman and CEO. "Frank is ideally suited to this role. He has served on our board since 1995 and has an in-depth knowledge of our companies and our industry. He is also well versed in the operations of companies in the service sector. We are looking forward to drawing upon this experience, and his exceptional strengths in the area of finance, as we forcefully address the challenges facing our company."
Mr. Borelli added, "I am looking forward to working in this new role to assist John, Sean Orr and their senior management team as they tackle the key issues at Interpublic."
From 1984 to 2000, Mr. Borelli was Chief Financial Officer and served on the Board of Directors of Marsh & McLennan Companies, Inc., which he continues to serve as a Senior Advisor. He had previously spent five years as Chief Financial Officer and Director of Airco, Inc., a manufacturer of industrial and medical products, and was also Group Vice President of one of its major operating divisions. From 1956 to 1980, he was with Deloitte Haskins & Sells (now Deloitte & Touche), rising to the position of Senior Partner in charge of Northern New Jersey operations.
In addition to Interpublic Group, Mr. Borelli currently sits on the Board of Directors of Express Scripts, Inc. He has also served on the boards of two other public companies that have since successfully merged into other entities: United Water Resources (where he was a board member for 20 years), and Mid Ocean Reinsurance Ltd.
Interpublic is one of the world's leading organizations of advertising agencies and marketing services companies. Its five global operating groups are McCann-Erickson WorldGroup, The Partnership, FCB Group, Interpublic Sports and Entertainment Group, and Advanced Marketing Services. Major global brands include Draft Worldwide, Foote, Cone & Belding Worldwide, Golin/Harris International, Initiative Media, Lowe Worldwide, McCann-Erickson, Octagon, Universal McCann and Weber Shandwick Worldwide. Listed on the New York Stock Exchange (symbol: IPG), the company's revenue was $6.7 billion in 2001.
|CONTACT:||The Interpublic Group|
|Philippe Krakowsky, 212/399-8088|