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As the new chief of Interpublic, Michael Roth's challenge is to clean up the company's act. But it's a big job, Bob Willott says.
When a company precedes a financial announce-ment with a management reshuffle, it is wise to brace yourself for bad news. When management reshuffles start happening with monotonous regularity, it's probably time for shareholders to bale out.
So when the latest in a succession of management reshuffles at Interpublic saw Michael Roth replace David Bell as the chief executive in January, the share price should have fallen rather than show some hesitant recovery. Yet the initial market reaction was positive ... until news began ...