Omnicom, IPG Nix Idea Of Separate Chair-CEO Board Structures

Omnicom is holding its annual meeting in Boston this year on May 19. Interpublic Group will hold its meeting on May 23 in New York, according to the firms’ recently filed proxy statements. 

Omnicom Chairman-CEO John Wren raked in a nice pay package last year, according to the Omnicom proxy, with a total take of nearly $24 million, roughly even with 2017. As is the case with most CEOs, most of Wren’s take came in the form of incentive bonuses and stock grants. His base salary was $1 million. 

No. 2 in terms of pay at Omnicom (parent company of agencies DDB, OMD and many others) was CFO Philip Angelastro, who pulled in a little more than $7.7 million, also in line with his comp in 2017. 

Interpublic Chairman-CEO Michael Roth had total compensation last year of nearly $17 million, roughly in line with 2017. 

Phillipe Krakowsky, who many believe is the strongest current candidate to succeed Roth someday, was No. 2 in pay last year at the holding company, parent of agencies McCann, FCB, UM and numerous others. His title is a mouthful:executive vice president chief strategy and talent officer, IPG, and chairman-CEO IPG Mediabrands.

He had total compensation of almost $8 million last year, a bit more than 2017, when he pulled in about $6.5 million. 

The meeting agendas are pretty straightforward, and both firms reported just one shareholder proposal to be voted on at the respective gatherings. It’s basically the same proposal — calling for separate chairmen and CEOs. And both firms urged shareholders not to support the proposals.

IPG noted its shareholders have overwhelmingly voted down similar proposals at four previous meetings between 2006 and 2018. 

Interestingly, Omnicom’s Wren just added the chairman’s role last May, succeeding longtime predecessor Bruce Crawford.

Like IPG, Omnicom cited strong shareholder support for its current structure. Both firms also noted strong oversight by existing independent board members.



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