Omnicom Group Chairman and CEO John Wren has extended his employment agreement for an additional three and a half years and then will step down as CEO at the end of 2028, the company reported this week. 

At that time, after having served 30 years as CEO Wren, 72, will remain Executive Chairman of the company’s board of directors. 

During the renewal term in addition to shepherding the IPG merger to completion and his other CEO duties, Wren will work closely with Omnicom’s lead independent director Mary Choksi to identify Wren’s successor as CEO. 

Effective June 1, Wren is foregoing his annual $1 million annual salary and other incentives in favor of an “at-risk equity award.”  Technically, he still receives a salary of $1 per year. On May 12, he was granted a stock option to purchase 4,000,000 shares of the company’s stock at a per share exercise price equal to the closing price on the day of the grant.  

The option will vest in increments over the employment renewal period. 

“Mr. Wren has successfully led Omnicom as CEO since 1997, and he remains committed to working during the renewal term to mark three highly successful decades in the role,” the company stated in an SEC filing.  

“His agreement to receive an at-risk equity award in lieu of other compensation aligns Mr. Wren’s incentive directly with the interests of Omnicom’s shareholders as his future compensation will be tied entirely to the future performance of Omnicom.” 

Earlier this year, the company reported that Wren (MediaPost’s Executive Of The Year)  received a 7.5% bump in pay for 2024 with total compensation of nearly $21.7 million.