 John Wren |
Omnicom Group trimmed president/CEO John Wren's total compensation package 7.8 percent to $24M as the ad/PR conglom's 2017 revenues dropped 5.2 percent to $1.1B.
Despite the pay cut, OMC's board will give Wren the chairman title with the retirement of 88-year-old Bruce Crawford at the May 22 annual meeting at its New York headquarters.
The board decided it was "critical to the future success of the company" for Wren, 65, to serve as chair, according to OMC's proxy statement.
After extensive shareholder engagement, "the board learned that in light of our strong lead independent director [69-year-old former Major League Baseball advisor Leonard Coleman,] coupled with the complexity of our company and our business, shareholders were largely supportive of this board leadership structure."
The board decided "executive-level continuity in the CEO and chair roles is integral to supporting the transition of client relationships, which have been built on trust and support over the years."
Wren's total compensation is 596 times more than the $40,230 median comp of OMG's 99,296 workers.
The nearly 5,000 workers in Ukraine, Egypt, Indonesia, Thailand, Colombia, Malaysia and Mexico were excluded in the comparative comp calculation.
Omnicom CEO John Wren reports Q1 revenues jumped 5.4 percent to $3.6M, powered by a solid 7.0 percent rise in its advertising & media segment.
Public Policy Holding Company registered 24.1 percent growth to a record $135M during the past year, which included the results of the March 1 acquisition of Multistate Assocs.
Stagwell CEO Mark Penn reported Q4 net revenues dipped 5.6 percent to $551.1M during a “challenging year for marketing services and digital transformation.”
Why M&A activity in the PR and marketing sector could pick up in 2024.
WPP reported Q4 revenues inched ahead 0.3 percent to $4.1B as CEO Mark Read wrapped up a year that he said was more challenging than expected due to cutbacks, mainly by technology clients.
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