We now have a strong leadership team and are optimistic about our ability to return to growth for the full year 1999.

We achieved strong third-quarter growth in cereal volume in the United States and Latin America and continued double-digit volume growth from convenience foods.

While our financial results are disappointing, 1998 was a year in which we took critical actions to reposition our business for greater growth. In 1999, we have a solid business plan that includes investing in product innovation, accelerating the growth of our convenience foods business, and continuing to reduce costs.

Executives are hired for their technical skills and experience but fired due to a lack of leadership ability.

One of the true tests of leadership is the ability to recognize a problem before it becomes an emergency.

One of the tests of leadership is the ability to recognize a problem before it becomes an emergency.