Walsh made it clear she wanted a change of direction before Christmas but had been in discussions with her partners about whether that would involve a sabbatical, or a complete break from the agency she helped to found in 1995. Her definite decision to exit was announced to staff this week.
According to her co-founder, Murray Chick, Walsh has no immediate plan.
However, her name has been linked with a number of agency networks.
Chick said: "She's been running the agency for eight years and she wants a break. She says she has no concrete plans at the moment but we are keen to talk to her about establishing a consultancy relationship."
Walsh is on holiday and unavailable for comment. She has been the public face of WTCS for many years and spearheaded the agency's new-business drive. She is also heavily involved in a number of industry bodies including WACL, of which she was president last year, and the IPA.
She is thought to be interested in pursuing a number of non-executive directorships.
Chick said a priority for the agency now would be to find a new-business director. "We need a high-energy new-business person. We have a couple of people in mind but we haven't approached anyone formally yet," he said.
He added that the remaining partners would also seek to raise the agency's profile. He admitted that the agency was not as big nor as prominent as it should be. Despite the fact that it has been in existence for nearly eight years, it is still the size of a start-up.