In the aftermath of an investigation into suspected wrongdoing, Vince McMahon resigns as WWE CEO and chairman. While the board of directors examines hush money claims against him and others in the firm, WWE CEO Vince McMahon was forced to stand down from his position as the company’s leader.
McMahon “voluntarily stepped back” as WWE CEO and chairman, according to the company.The Wall Street Journal reported on Wednesday that the investigation surrounds charges that McMahon paid $3 million to a former female employee with whom he allegedly had an affair. An anonymous email tip from a friend of the employee alerted the company to the claims, alleging that the employee had an affair with John Laurinaitis, the corporation’s head of talent relations, who had also signed the non-disclosure agreement.
The board announced on Friday that it has hired independent legal counsel to help with an independent investigation into the claims of misconduct.
“I have pledged my complete cooperation to the investigation by the Special Committee, and I will do everything possible to support the investigation,” Vince McMahon said in the release. “I have also pledged to accept the findings and outcome of the investigation, whatever they are.”
The company stated that while McMahon is stepping back as CEO, he “will retain his role and responsibilities related to WWE’s creative content during this period.”
While the inquiry is ongoing, Stephanie McMahon, Vince McMahon’s daughter, will act as temporary CEO and interim chairperson, according to the business.
This comes just one month after Stephanie McMahon, the company’s Chief Brand Officer, stepped down to spend more time with her family. She is married to WWE legend Triple H, who announced his retirement from the ring last year after experiencing “heart failure.”
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Until the conclusion of the investigation into recent allegations, I am honored to assume the role of interim Chairwoman & CEO. I love @WWE and all it continues to do to entertain billions around the world. https://t.co/E2MushpoSG
— Stephanie McMahon (@StephMcMahon) June 17, 2022