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In the hours since WPP confirmed its investigation into CEO Martin Sorrell for an alleged personal conduct, questions arose about who would succeed him if he left, how the news will affect an already wounded WPP and what exactly the allegations comprise.

On that last front, at least, a person familiar with the matter said the various mentions of alleged "personal misconduct" and "financial impropriety" in statements Tuesday by WPP and Sorrell referred to the same thing. The agency giant is looking into an allegation of personal misconduct "which may have some minor financial implications," the person said.

Sorrell said in his statement that he rejects the allegation "unreservedly."

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