Publicis Groupe CEO Arthur Sadoun, who has led the France-based global advertising group to the top of the revenue growth league table, has also taken the role of chairman.
The company’s annual general meeting voted to make him chair, essentially putting him in charge of both business operations and the body representing the interests of shareholders.
He takes the role held by the other half of the Publicis duo, Maurice Lévy, 82, who becomes chairman emeritus. Lévy was CEO for three decades before chairing the board of directors.
Sadoun and Lévy, apart from running a successful global business, are also known for their end of year video clips, often poking fun at themselves.
Two years ago Sadoun, then aged 50, revealed in a video clip that he had cancer.
Publicis Groupe has kept up an industry leading revenue growth rate while some others in advertising have struggled.
The company reported organic growth of 5.3% in the March quarter, helped by new business wins and a rebound in the tech sector.
Publicis is confident, "despite ongoing macroeconomic uncertainties," on delivering 2024 targets, with organic growth of 4% to 5% and an 18% operating margin rate.
Sadoun, who reportedly earns less than many of his global agency peers, including WPP's Mark Read, Omnicom’s John Wren and IPG’s Philippe Krakowsk, is currently on a retention bonus scheme to the end of 2027. This would double his salary of €1.17 million each year with shares.
The latest change to the governance structure was approved with 95% of shareholder votes at the company’s AGM.
Publicis Groupe is now a single structure corporation with a board of directors, led by Arthur Sadoun as chairman and CEO.
Maurice Lévy said he proposed the change to ensure Publicis’ continued success, and to consolidate all of the elements that make it such an exceptional company.
“Arthur has successfully forged a clear path forward, secured growth and positioned the Groupe at the head of our industry,” Lévy said.
“I’m incredibly proud of his journey and convinced that under his leadership Publicis will continue to reach even greater heights.”
Sadoun said shareholders had voted to sustain the driving forces behind the company’s success and perpetuate the model that has made Publicis the industry’s “most valuable company in terms of market capitalisation”.
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