Coe, a double Olympic gold-medallist, said he is hopeful that the 15-point reforms agenda, which was accented to by the IAAF Special Congress this month, will help athletics get back the trust of clean athletes and the public after the doping scandal.
"The need to reform was much more on the basis of what the modern sport (athletics) required for the vision I have set. The vision is within the next three-four years, our sport should be the among the top four sports, not the top four Olympics sports," Coe, who took charge as IAAF chief in August last year, told PTI from London in a telephonic interview.
Asked to review the past athletics season, Coe admitted that the Russian doping crisis which led to their track and field athletes being barred from competing in the Rio Olympics was the "underlying challenge of the year."
"It has been a tough year and also an important year for our sport. Obviously the highlights are the successful showing by athletes in Rio Olympics where athletics re-asserted as the number one Olympic sport. We had four world championships which were of extraordinarily high standard," said the 60-year-old Coe, who won a gold medal in 1500m in both 1980 and 1984 Olympics.
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A radical governance structure reforms package was passed by the IAAF in a Special Congress in Monaco this month, with 182 member federations voting for it out of 197 present.
The 15-point reforms package includes placing more governance power in the hands of the IAAF Executive Board, limiting the number of terms of office for President to three of four years each.
"It's not diminishing of power of president. It's just re-balancing. The problem was too much power was given to too few people without enough checks and balances. It's not really the president has less powers, it's that there are checks and balances to make sure the president for the very first time alongside the Chief Executive and General Secretary has a proper role and properly quantified set of responsibilities. But the member federations and ultimately the congress will be able to judge us," he explained.
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Jamaica and Ukraine were among the five member federations which abstained while 10 voted against the reforms package.
Coe also confirmed that track superstar Usain Bolt, who is set to end his illustrious career next year, has accepted to play a role in the sport after his retirement.
Asked about athletics post Bolt, he said, "We need to make sure that the media, our partners, the fans, our supporters recognised that yes Usain Bolt is an outstanding, extraordinary talent but our sport has also other outstanding extraordinary talents, male and female, and we need to work even harder to make sure that we promote them in our sport.
On the short-term targets he aims to achieve for the sport, Coe said, "I want to see IAAF being a world class organisation, to be service driven. We have the responsibility to try and support the ambitions of the 214 member federations and we need to make sure that we have the right delivery mechanism in place to be able to do that.
"We need to be an organisation which is accountable and robust. The primary focus of the IAAF is that trust is rebuilt with the athletes. This means that the toughest measures possible are taken against individuals and systems that call that into question.
"We must fight for clean athletes. It is our duty and our determination. We will continue to work with Russia to reinstate their athletes as soon as we have confidence in the measures that have been taken to protect them and other athletes."
He called upon the member federations to be innovation-driven to be able to attract more fans, especially younger ones, to the sport.
"We need to look at new formats and look for young people to come to our sport. The federations should be innovative. For example, in Australia there will be a new event next year called Nitro Athletics which has invited Usain Bolt. They will celebrate athletics but in a slightly differently format, with music and lighting. We need to do all these things to maintain interest in athletics to the young people particularly."
"We can look at how we deliver the World Championships and recognising its worth. May be nine or 10 days is too long for the World Championships to be staged.