Omnicom-Publicis Merger Hits Snag Over Who Gets To Be CFO
April 28, 2014 at 3:56 AM (PT)
The merger of ad agency giants OMNICOM and PUBLICIS to form the largest commonly-owned group of ad agencies has hit a snag with a dispute over who will serve the merged company as CFO. REUTERS reports that while OMNICOM CEO JOHN D. WREN and PUBLICIS CEO MAURICE LEVY remain committed to the merger, the parties each want their own CFO, OMNICOM's RANDALL WEISENBURGER or PUBLICIS' JEAN-MICHEL ETIENNE, to get the sole CFO position.
Other issues loom over the merger, including tax issues involving the combined operation's legal headquarters being in THE NETHERLANDS while filing for tax residency in the U.K., and a dispute over which company will be the buyer of the other from an accounting standpoint for purposes of SEC filing in the U.S.
Among the major ad agency brands coming under combined ownershop are SAATCHI AND SAATCHI and LEO BURNETT, owned by PUBLICIS, and DDB and BBDO, held by OMNICOM.