Omnicom's Randall Weisenburger steps down as CFO

Omnicom Group’s Randall Weisenburger has stepped down as the executive vice president, chief financial officer to return to private equity. The board of directs have instead appointed Philip Angelastro (pictured) - currently Omnicom's senior vice president finance and controller - as executive vice president, chief financial officer.

Joining Omnicom as the controller in 1991, Angelastro has gone on to serve as senior vice president, finance and control for the company since 2002 and has overseen financial and accounting matters throughout the organisation, playing a role in the company's ongoing efforts to improve the efficiency and effectiveness of its financial operations.

His responsibilities have also included financial systems, income tax planning and cash flow management. He has also worked closely with the leadership teams of Omnicom's networks and agencies.

John Wren, president and CEO, said Weisenburger and he placed "considerable emphasis on succession planning" and have long agreed that Angelastro would eventually take over as CFO. He added that he has "complete confidence that under Angelastro's leadership, Omnicom will continue to build on [their] long term track record of creating value for all [their] stakeholders".

Wren said: " Weisenburger has been a strong leader for Omnicom over the past sixteen years.  He has made significant contributions to the team in building a world-class company during our time together.  We appreciate his many efforts to help drive Omnicom's success and we wish him all the best."