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Top Management Churn in Omnicom

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Global marketing and corporate communications company Omnicom Group Inc (OMC - Free Report) recently announced that Tim Love, Vice Chairman and CEO of Asia Pacific/India/Middle East/Africa (APIMA) region, is set to retire from his position by the end of the first quarter.

Tim Love earlier served as the President of Global Clients at Omnicom network TBWA Worldwide before becoming the Vice Chairman of Omnicom Group. Under his leadership, Omnicom witnessed remarkable success across the Asia-Pacific region. Despite tough competition and top-line challenges, the company has won a number of awards during his tenure.

In addition, Tim Love played a key role in shaping Omnicom Group’s strategic and operational plans. Over the years, he has successfully steered the company toward growth through strategic initiatives and has developed senior client relationships in the US and abroad with many of the Fortune 100 companies

Earlier, in the third quarter 2012, Omnicom reported earnings per share of 74 cents, up 2.8% year over year and ahead of the Zacks Consensus Estimate by a penny. The cost-cutting measures undertaken by the company have largely proved beneficial with growth fuelled by developed markets like the US as well as  developing markets like Asia and Latin America.

Omnicom is one of the largest advertising, marketing and corporate communications companies in the world. The company’s agencies operate in all the major markets across the globe and provide an extensive range of services. The company provides advertising, strategic media planning and buying, digital and interactive marketing, direct and promotional marketing and other specialty communications services to over 5,000 clients in more than 100 countries.

Omnicom currently has a short-term Zacks #3 Rank (Hold) and a long-term Neutral recommendation. One of its competitors, The Interpublic Group Of Companies, Inc (IPG - Free Report) also carries a Zacks #3 Rank.

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