Quebecor culture to return

News by

05 November 2003

Quebecor president and chief executive Pierre Karl Peladeau has promised to sort out the problems at the groups underperforming printing arm, Quebecor World, by reinstating the Quebecor culture.

We are highly disappointed once again with our printing operations, said Peladeau in a conference call with analysts after Quebecor released its third-quarter results. The worlds largest commercial print group last week reported a 40% fall in net income and a 1.9% drop in revenues for the third quarter.

Our objective is very simple, he added. It is to reinstate the Quebecor culture. It is made of discipline, control and a lean and mean approach to management.

Criticising former Quebecor World chief executive Charles Cavell, who left earlier this year, Peladeau said: Weve got to reinject a high level of accountability, something that was lost under the previous management.

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