Media giant WPP PLC (LON:WPP) has processes in place to find a successor, if necessary, to chief executive Sir Martin Sorrell, according to reports today.
Last week, the company brought in independent counsel to investigate an allegation of personal misconduct and misuse of company assets against WPP’s veteran boss.
In its last annual report, the media giant said it constantly refines a list of possible external candidates for the job while internal possibilities attend board meetings.
READ: WPP investigates personal misconduct claim against CEO Martin Sorrell
The plans were in place to cover any sudden emergencies, according to the annual report and highlighted in the Times.
Sorrell, 73, who has been the chief executive of WPP since 1986, has denied the claims of financial impropriety against him.
“This allegation is being investigated by a law firm. I reject the allegation unreservedly but recognise that the company has to investigate it,” he said last week.
WPP said: “The allegations do not involve amounts which are material to WPP.”
Even so, speculation has been growing over the future of Sorrell, who has been at the helm of advertising and marketing group since its formation in 1986.
The company has been battling a tough backdrop for advertising and has already warned it expects no growth in 2018.