WPP has hired executive search firm Russell Reynolds Associates to find a permanent replacement for Martin Sorrell.
Sorrell dramatically resigned as chief executive of the company that he had led for 32 years on Saturday night following WPP announcing that it was investigating him over allegations of "personal misconduct."
After his departure, WPP confirmed that the investigation had concluded, before quietly telling investors in a statement that: "the allegation did not involve amounts that are material."
A spokesperson for WPP today confirmed to City A.M. that the company had already kicked off the task of replacing the former "king of adland" by hiring executive search firm Russell Reynolds to find his successor.
This follows reports originally published by Sky News.
The announcement that WPP had launched an investigation into Sorrell's conduct fuelled speculation around who could step in as new chief executive of the company.
Current global chief executive of ad group Wunderman Mark Read was one name touted to take over at WPP.
Others included Lindsay Pattison, chief transformation officer of WPP's media investment management company Group M, and Johnny Hornby, founder of The&Partnership.
The advertising giant was delivered a fresh blow today as a leading credit agency published a gloomy outlook for the troubled company.