May
12
After Epic Merger Fail, Omnicom CEO Wins Industry Award
Posted in: Uncategorized
Awkward timing: Just as Omnicom CEO John Wren was doing damage control after the breakdown of a $35 billion mega-merger with Publicis, the International Advertising Association gave him an achievement prize.
The IAA, meeting in Beijing, gave two people its top honor: Wren and PepsiCo CEO Indra Nooyi. Neither attended the IAA World Congress, and their awards were collected by members of their teams.
The conference in Beijing opened Friday, hours after the two ad giants announced their plans for a “merger of equals” had fallen apart, despite more than nine months of work. Executives blamed differences over leadership positions and cultural differences. The merger was also held up by a delay getting clearance from Chinese regulators.
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