Omnicom Group Exec VP-Chief Financial Officer Randall Weisenburger is leaving to return to the private equity business, the agency company said Monday afternoon. It named Philip Angelastro, controller and senior VP-finance, to succeed him as exec VP-CFO.
"Randy has been a strong leader for Omnicom over the past sixteen years," said John Wren, president and CEO at Omnicom, in a statement. "He has made significant contributions to the team in building a world-class company during our time together."
"At Omnicom, we place considerable emphasis on succession planning and Randy and I have long agreed that Phil would eventually take over as CFO," he added.
Mr. Weisenburger's departure comes five months after the collapse of a planned megamerger between Omnicom, the owner of ad agencies such as BBDO and TBWA, and Publicis Groupe, which owns agencies such as Leo Burnett and DigitasLBi. Executives speaking not for attribution said then that they believed one of the friction points was who would become CFO at the combined entity, Mr. Weisenburger or Jean-Michel Etienne at Publicis.
Mr. Angelastro was named controller at Omnicom in 1999.