Omnicom's Chief Accounting Officer Retires After 25-Plus Years, Board Names Jordan Farnam To The Job
An 8-K says Andrew Castellaneta's exit involved no disagreement, and the board filled the post the same day with a 44-year-old insider.
Omnicom's chief accounting officer, Andrew Castellaneta, retired effective immediately on Thursday, and the board named Jordan Farnam to the role the same day, according to an 8-K filed Tuesday. The filing says the departure is not the result of any disagreement with the company.
What the 8-K says
The filing, made under Item 5.02 (the section for officer departures and appointments), says Castellaneta held the title of senior vice president and chief accounting officer. He leaves after more than 25 years at the company.
Omnicom wrote that his retirement "is not the result of any disagreement with the Company on any matter relating to the Company's operations, policies or practices." He will stay on as an employee for a period of time to ease the handover.
The board appointed Farnam, 44, as vice president, global financial reporting and chief accounting officer. That appointment was effective immediately, on October 1.
Who Farnam is
Farnam is an internal promotion. He joined Omnicom in January 2024 as vice president, global financial reporting.
Before that, he was corporate controller at Consumer Edge from 2022 to 2024, and director of technical accounting at Spotify USA from 2020 to 2022. Earlier, he held several roles at PricewaterhouseCoopers, including assurance director, serving technology and media multinational clients in the U.S. and Finland.
The filing was signed October 6 by Louis F. Januzzi, Omnicom's senior vice president, general counsel and secretary.
What it changes for holders
The accounting chief's seat changes hands with no gap and no stated dispute, and the successor already ran the company's global financial reporting. The filing gives no other change in duties or pay.
Omnicom shares were unchanged at $75.10 in Tuesday after-hours trading versus the regular close, an early reading, since the filing was accepted at 5:01 p.m. ET (market data).
The filing states plainly that the departure involved no disagreement, and it names a successor who has run global financial reporting at the company since January 2024.
Sources
- 8-K Filing — OMNICOM GROUP INC. (OMC) — SEC EDGAR
