Randy Weisenburger, the well-regarded CFO at Omnicom Group for the past 16 years, is leaving the holding company to go back to his Wall Street roots. He'll be replaced by Philip Angelastro, Omnicom’s svp of finance and controller who has been in that job since 2002.
Omnicom said Weisenburger is returning to private equity but was not more specific about his plans. The 56-year-old, thought to be among those in the running to succeed Omnicom chief John Wren, joined the company in 1999 from Wasserstein & Co., where he was CEO. He was previously one of the founders of Wasserstein Perella.
The unexpected departure comes four months after the failed merger between Omnicom and French rival Publicis Groupe, following difficult negotiations to create the world's largest holding company, in a deal announced in July 2013.
While the change is effective immediately, Weisenburger will be available during the management transition. He goes out on a high note: In July, Omnicom said second-quarter revenue rose 6 percent to $3.87 billion, exceeding analysts’ expectations, and net income jumped 13 percent to more than $318 million.
His successor, Angelastro, began his career at Coopers & Lybrand, where he became a partner in 1996. A year later, he joined Omnicom’s Diversified Agency Services network as vp, finance before becoming CFO for the Americas. In 1999, he was appointed Omnicom’s controller.
In a statement, Omnicom CEO Wren said of Weisenburger: "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. At Omnicom, we place considerable emphasis on succession planning, and Randy and I have long agreed that Phil would eventually take over as CFO."