Advertising giantess WPP is preparing for the possibility of CEO Martin Sorrell’s departure, according to a report from The Close off Street Journal.
The firm is weighing contingency plans, including style veteran executives Mark Read and Andrew Scott as co-CEOs, the newspaper report in investigated, citing anonymous sources and publication Campaign U.K.
CNBC last week sustained Sorrell is under investigation after an allegation of “personal misconduct.” WPP did not instantaneously respond to CNBC’s updated request for comment on Friday.
The company suggested last week it had appointed an independent counsel to investigate Sorrell and that the perpetual investigation doesn’t appear to be material to the business.
The company expects to over its investigation as soon as next week, the Journal reported on Friday, jibing with a previously scheduled board meeting.
Read the full WSJ boom here.
—CNBC’s Michelle Castillo and Anita Balakrishnan contributed to this report in investigate.