Omnicom CEO John Wren, who received no salary from April 1 through September, reported a 43.7 percent plunge in 2020 total compensation to $11.1M, according to the firm’s proxy statement for its May 4 virtual annual meeting.
The move was part of Omnicom’s response to the COVID-19 crisis, which included ending stock buybacks, employee pay and hiring freezes, and cutting discretionary spending to enhance liquidity and cash flow.
Beginning Oct. 1, Wren took a 20 percent cut in his $1M base pay. That reduced his 2020 salary by 55 percent to $450K.
Prior to 2020, Wren and executive VP/general counsel Michael O’Brien had not had a salary hike in 18 years. O’Brien took a temporary 25 percent cut in his $700K salary on April 1. He returned to full salary on August 1.
Omnicom also reduced CFO Philip Angelastro’s $850K salary by a third from April through September. His original salary was cut 10 percent from October through yearend.
Angelastro’s total comp for the full-year dipped 19.2 percent to $4.1M.