Putnam Investments, using prominent ad agency Hill Holliday Connors Cosmopulos, took out full-page advertisements in The New York Times and The Wall Street Journal Monday calling attention to the executive replacements that occurred last week, from the chairman on down.

"We’re changing Putnam Investments. For the investors. For the employees. For the better," the headline of the open letter to investors reads. The company also promises it "will lead the mutual fund industry in reform."

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