Clemenger Group CEO steps down as buyout deal looms
Clemenger Group CEO Les Timar is the latest executive to depart the business as it prepares to be bought out by BBDO Worldwide and Omnicom.
Clemenger Group chief executive Les Timar will step down at the end of the month as the business prepares to be fully acquired by Omnicom.
As revealed by The Australian on Monday, Omnicom is in the process of purchasing the remaining stake of the Clemenger Group, with the deal set for a June 30 shareholder vote.
Mr Timar departs the business after 27 years with the group, three-and-a-half of which he served as CEO. Before this he was chief executive of GRACosway, the Clemenger Group-owned public affairs and strategic communications firm originally co-founded by Mr Timar.
His resignation comes two weeks after Clemenger Group chair Robert Morgan decided to step down after 46 years with the business.
Clemenger Group chief operating and financial officer Adrian Ciabotti will lead the business on an interim basis, with Omnicom and BBDO Worldwide set “to make further announcements in due course”.
A statement from Clemenger Group said: “With BBDO Worldwide and Omnicom indicating their interest in acquiring the remaining employee-owned shares in Clemenger Group, Les Timar has decided that this is the right time for new leadership.”
Mr Timar said: “It has been the greatest privilege of my career to serve as the CEO of this truly extraordinary, storied and diverse company.”
The buyout deal is expected to clear the road for the launch of a new Omnicom Oceania management to bring together the Omnicom Media Group (OMG) and Omnicom Advertising Group (OAG) under one integrated structure.
The acquisition caps off a period of instability for the Clemenger Group, which has seen a number of senior executives exit the business after the merger of three of its agencies.
The Australian understands former Omnicom staffer Nick Garrett, who served as CEO of Clemenger BBDO Melbourne and Clemenger Sydney, is the favourite to run the new Omnicom Oceania operation.
Clemenger Group today also announced the appointment of Stephen de Wolf as national chief creative officer at Clemenger BBDO.
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