Vince McMahon Steps Down-Ish as WWE CEO During Investigation Into Misconduct Claims
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Vince McMahon stepped down as CEO and chairman of WWE during an investigation into his alleged affair with a staffer, the company announced Friday.
McMahon will not be stepping very far away from World Wrestling Entertainment, however. According to a statement, he will “retain his role and responsibilities related to WWE’s creative content during this period.”
His daughter, Stephanie McMahon, was appointed by a special committee to serve as interim CEO and chairwoman of the massively successful wrestling business.
The announcement comes after the Wall Street Journal reported WWE was investigating a $3 million hush money payment by McMahon — as well as other alleged payments to women:
The board of World Wrestling Entertainment Inc. WWE -0.85%▼ is investigating a secret $3 million settlement that longtime chief executive Vince McMahon agreed to pay to a departing employee with whom he allegedly had an affair, according to documents and people familiar with the board inquiry.
The January 2022 separation agreement bars the now-former employee, who was hired as a paralegal in 2019, from discussing her relationship with Mr. McMahon or disparaging him, the people said.
The board’s investigation, which began in April, has unearthed other, older nondisclosure agreements involving claims by former female WWE employees of misconduct by Mr. McMahon and one of his top executives, John Laurinaitis, the head of talent relations at WWE, the people said. The Wall Street Journal couldn’t determine how many previous agreements were being scrutinized.
“I have pledged my complete cooperation to the investigation by the Special Committee, and I will do everything possible to support the investigation,” McMahon said in a statement. “I have also pledged to accept the findings and outcome of the investigation, whatever they are.”
“WWE and its Board of Directors take all allegations of misconduct very seriously,” the company said. “The Independent Directors of the Board engaged independent legal counsel to assist them with an independent review.”
