We’ve been hearing from tipsters and just received confirmation that Jim Rossman is out as president and COO of AKQA. This news comes alongside a slew of promotions at AKQA in the wake of holding company WPP announcing they were acquiring the agency.

Currently, we have no word on whether Rossman resigned or was let go, .but a source tells us it sounds like the latter (We’re hearing it was not the latter. See update below). AKQA hired Rossman away from Digitas in March 2009, where he was also COO. We’ve reached out to AKQA for an official statement, and we’ll keep you updated as we receive more details.

Update: We’ve received confirmation from AKQA that Rossman is indeed no longer with the agency.

Update 2: We’ve also been told by sources familiar with the matter that from the beginning, it was agreed that he was brought in to handle operations and upon a change in investors, he was to exit.