INITIATIVE'S LOU SCHULTZ ANNOUNCES RETIREMENT

Media Shop's Chairman-CEO to Consult Interpublic's Dooner

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NEW YORK (AdAge.com) -- Lou Schultz, chairman-CEO of Interpublic Group of Cos.' Initiative Media Worldwide, announced his retirement today.

The company has not named a replacement but has created a new Office of the CEO, which will be headed by Marie-Jose Forissier, president-chief operating officer of Initiative Media Worldwide, and Carolyn Bivens, president-chief operating officer of Initiative Media North America.

Interpublic

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said Mr. Schultz will become a consultant on media futures and trends for John Dooner, the holding company's chairman-CEO.

"Last year was very difficult," Mr. Schultz said in a statement, "but I am confident that Initiative Media is on a solid track to leap forward in 2002."

Mr. Schultz, 58, joined Initiative in 1999. Prior to that, he was vice chairman of Campbell-Ewald and president-CEO of C-E Communications.

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