Two high profile executives at IPG Mediabrands, Mark Coad and Leigh Terry, have lost their roles in the global aftermath of Omnicom’s takeover, according to insiders.
Coad, the recently elected chair of the Media Federation of Australia (MFA), was the CEO in Australia and Terry in APAC.
They both got caught in a wave of redundancies triggered when Omnicom’s takeover of IPG became final this week.
Locally, Omnicom wouldn’t comment on individual redundancies. However, insiders say the number is limited in Australia.
Globally, Omnicom is working to lose about 4,000 roles, in addition to the thousands already gone in the lead up to the deal.
Terry told AdNews he was leaving the business, but not the industry.
"I want to thank our people, clients and partners for a chapter I’m incredibly proud of. Leading this team has been a privilege, and I’m grateful for the trust and support shown throughout my time here," he said.
"I’ll be taking some time out before considering my next chapter, and I leave with deep appreciation for the work we’ve done together.”
In an announcement today, Omnicom outlined local changes in Australia.
Lee Leggett gets a new role in sweeping leadership appointments and agency mergers at Omnicom in Australia and New Zealand following the takeover of IPG.
DDB Australia will be folded into Clemenger BBDO Australia, with Sheryl Marjoram (Sydney) and Mike Napolitano (Melbourne) co-CEOs.
Leggett, the outgoing CEO of Clemenger BBDO, takes a new senior Oceania role, chief customer officer, Omnicom Oceania.
As part of Omnicom’s global creative reorganisation, the DDB and FCB brands are being retired globally.
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