• by Steve McClellan  @mp_mcclellan, September 23, 2014

Randall Weisenburger the Omnicom Group veteran is stepping down as CFO of the company, a post he held for 16 years. The company said he was leaving to return to the private equity sector.

He is being replaced by Philip Angelastro, who has a served a Senior Vice president Finacne and Controller for the company since 2002. The Omnicom board has formally voted and confirmed Angelastro as Executive Vice President and CFO.

The CFO role and who would fill it was one of many disputes that emerged during the failed Omnicom Publicis Groupe merger process. The subject became moot when the deal collapsed earlier this year.

Weisenburger has been CFO at Omnicom since 1998 and in recent years has been one of the highest paid executives at the company. Last year his compensation was just under $12 million, up 13% from the prior year according to company filings.

“Randy has been a strong leader for Omnicom over the past sixteen years,” said Omnicom CEO John Wren. “He has made significant contributions to the team in building a world-class company during our time together.”

Added Weisenburger: “I believe the company is extremely well positioned both strategically and financially, to continue to lead the industry for years to come.”

Aneglastro began his career at Coopers & Lybrand where became a partner in 1996. The following year he joined Omnicom’s Diversified Agency Services Network as VP of Finance and then CFO  for the Americas. In 1999 he was appointed Controller of Omnicom.