Omnicom expects to end this year with 15,000 fewer employees - Economía Digital
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Phil Angelastro, Omnicom's CFO, Omnicom expects to reduce its workforce by 15,000 employees, reaching 105,000 this year, as it works to achieve a gross cost synergy target of 1.5 billion US dollars derived from the acquisition of IPG. The global advertising group, in a presentation at a Goldman Sachs investor event, said that the combined company is progressing faster than expected in the media sector, despite the setback suffered from losing Pepsi's global media account. However, there is still work to be done in the advertising realm. "We are very pleased with how the integration has developed," said Phil Angelastro, Omnicom's CFO. "In particular, I would say that the integrated media business has consolidated quite quickly and successfully, almost seamlessly, by bringing together two large global organizations," he added. According to Angelastro, as reported by the Australian publication AdNews, the integrated media business currently represents just over 50% of the company's core revenue, and its growth accelerated to reach double-digit figures in the second quarter. Angelastro stated that the advertising business, which represents between 15% and 16% of the merged company, had proven to be the most difficult part of the integration. Omnicom has had to combine portfolios globally, eliminate brands, and reposition its operations across all markets. "The biggest challenge...
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