AgencySpy has confirmed with Cliff Freeman representatives that newly minted CEO Clayton Ruebensaal III (pictured), who only began working at the agency in January of this year, abruptly quit his job earlier this week.

According to our source, Ruebensaal (aka the Prom King) unexpectedly called a meeting on Tuesday and resigned citing personal reasons.

"Of course, I am very disappointed that Clayton has decided to leave the agency, but it was a personal decision on his part and we all wish him the very best in the future," said agency founder, owner and namesake Cliff Freeman. "The search for his replacement is already underway. Fortunately, we have a deep roster of talent that is fully capable of leading this agency forward. Together, we remain committed to producing the finest creative product for our clients and continuing our long tradition of delivering effective, original advertising."

Despite having undergone layoffs a few weeks ago (we're told due to the Quizno's loss), a source tells us the feeling within the agency was fairly positive given two recent business wins, Saudi Arabian Air and the 2010 Michelin Guide. Not huge, to be sure, but they're something. Guess the post-layoff blues faded away pretty quickly. No word yet regarding Ruebensaal's replacement. (Note: we've spoken to two former CFers who were recently laid off. They were more than positive in their comments about the agency, though at least one other source seems fairly sour about the current state of things. Whatever the case, it's subjective)

Ruebensaal himself replaced former CEO Jeff McClelland who left or was "pushed out" of the agency in October, 2008. Around that time the shop lost the Snapple account and later, Bonefish grill.

In February, MDC Partners cut ties with the agency, returning their 20% stake in the agency back to Freeman. MDC had been with the agency for four years, and in other part-ownership cases was known to increase their hold. CF stayed at 20% throughout the relationship, right up until the zero hour.

More: "Cliff Freeman Drives Into A Ditch With The Prom King At The Wheel"