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Adecco Board Statement

 The Board of Directors of Adecco S.A. today issued the following statement

Chéserex, Suisse, Feb 26, 2004 

  • According to the latest management information, operations remain healthy and year-to-date demand for the Company's services continues to be stronger than last year.
  • The Board of Directors and Management stand unified in their full commitment to resolve the issues associated with the release of the audited 2003 financial statements. Based on the information currently available to the Board, the Board confirms that to date no evidence demonstrating major misappropriations or irregularities that would be financially significant to the Company as a whole has been found.
  • The Board of Directors further determined it will propose that a majority of independent directors be elected at the next General Meeting of Shareholders.
  • In addition, the Board will propose to the next General meeting of Shareholders, the re-election of Philippe Foriel-Destezet and the election of Klaus J. Jacobs to the Board of Directors. To underline their commitment to the Company, Adecco's two principal shareholders have reiterated their support and have conveyed to the Company their intention to maintain their respective shareholdings in Adecco S.A.
Adecco S.A. is a Forbes 500 company and the global leader in HR Solutions. The Adecco Group network connects 650,000 associates with business clients each day through its network of 28,000 employees and more than 5,800 offices in 68 territories around the world. Registered in Switzerland, and managed by a multinational team with expertise in markets spanning the globe, the Adecco Group delivers an unparalleled range of flexible staffing and career resources to corporate clients and qualified associates.
The Adecco Group comprises four Divisions, Adecco Staffing, Ajilon Professional, LHH Career Services and Jobpilot e-HR Services. In Adecco Staffing, the Adecco staffing network focuses on flexible staffing solutions for global industries in transition, including automotive, banking, electronics, logistics and telecommunications; Ajilon Professional offers an unrivalled range of specialized branded businesses; LHH Career Services encompasses our portfolio of outplacement and coaching; Jobpilot e-HR focuses on online recruiting activities for the Adecco Group.
Adecco S.A. is registered in Switzerland and is listed on the Swiss Exchange (ADEN / trading on Virt-x: 1213860), NYSE (ADO), Euronext Premier Marché (12819).
Information in this release may involve guidance, expectations, beliefs, plans, intentions or strategies regarding the future. These forward-looking statements involve risks and uncertainties. All forward-looking statements included in this release are based upon information available to Adecco S.A. as of the date of the release, and we assume no obligation to update any such forward-looking statements. Factors that could affect the Company's forward-looking statements include, among other things: the time and costs necessary to complete the independent inquiry and the results of that investigation and related governmental inquiries, and the effect of the results of the investigations on the completion of the audit.
The statements in this release are not guarantees of future performance and actual results could differ materially from our current expectations. Numerous factors could cause or contribute to such differences. Please refer to the Company's Annual Report on Form 20-F for the year ended December 29, 2002, and in our other reports filed from time to time with the Securities and Exchange Commission for a further discussion of the factors and risks associated with our business.
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Feb 26, 2004