- In a proxy statement just filed, Omnicom (OMC -0.5%) says that it's combining the chairman and chief executive roles.
- Current CEO John Wren will also assume the role of chairman as of the annual general meeting.
- Current Chairman Bruce Crawford is retiring at the annual meeting in line with the company's retirement age policy.
- "In anticipation of Mr. Crawford’s retirement, the Board spent considerable time reevaluating its leadership structure and assessing various succession options," the filing says.
- "Through extensive shareholder engagement, the Board learned that in light of our strong Lead Independent Director role coupled with the complexity of our Company and our business, shareholders were largely supportive" of combining the roles.
- Along with Crawford, two other long-serving directors are also retiring: Jack Purcell and John Murphy.