World Wrestling Entertainment Inc. (WWE) announced that CEO Vince McMahon, who has led the company for the last 4 decades, would stand down from his post as CEO while the board investigates claims of misconduct against him. According to a statement released on Friday 17th June 2022, McMahon, who is also the chairman of the company, will continue to be responsible for the company’s creative work during this time. Vince’s daughter, Stephanie McMahon was named acting CEO and interim chairwoman by a special board committee.
NEW: WWE says Chief Executive Officer Vince McMahon will step back from his duties while the board investigates allegations of misconduct by him and another executive https://t.co/vzI21i9F2n pic.twitter.com/0kMRVitRXB
— Bloomberg (@business) June 17, 2022
The decision comes only days after the Wall Street Journal revealed, citing sources familiar with the matter, that McMahon made a hidden $3 million payment to a female former employee with whom he reportedly had an affair, as well as non-disclosure agreements with other employees. Similar agreements with John Laurinaitis, a former wrestler with the ring name ‘Johnny Ace’ who now handles WWE talent relations, are also being investigated.
WWE’s board says that it has engaged independent legal counsel to assist in the investigation and will work with a third-party to conduct a review of the company’s compliance program, human-resources function and overall culture https://t.co/9y2gfIpBwv pic.twitter.com/mZKw4a9sfZ
— Bloomberg (@business) June 17, 2022
In his statement on the matter, Vince McMahon said, “I have pledged my complete cooperation to the investigation by the special committee, and I will do everything possible to support the investigation. I have also pledged to accept the findings and outcome of the investigation, whatever they are.”
JUST IN: “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 statement https://t.co/9y2gfIpBwv pic.twitter.com/dAmmalAQBx
— Bloomberg (@business) June 17, 2022
WWE’s board of directors said on Friday that it has retained independent legal counsel to assist with the investigation and would collaborate with a third party to evaluate the company’s compliance processes, human-resources function, and overall culture.
JUST IN: Vince’s daughter Stephanie McMahon has been appointed by a special board committee to serve as interim CEO and interim chairwoman https://t.co/9CSltmh6aA pic.twitter.com/UGAA4Seeqp
— Bloomberg (@business) June 17, 2022
What are the allegations against Vince McMahon
As per Wall Street Journal, sources revealed that Vince made a secret $3 million payment to a former female employee with whom he allegedly had an affair. McMahon had other non-disclosure agreements regarding alleged misconduct with female employees that the board was investigating, the newspaper reported, citing the people. The probe, which began in April, also reportedly unearthed similar pacts made with former female workers on behalf of John Laurinaitis, who manages talent relations for WWE. The paper said it couldn’t determine how many such pacts were being reviewed.
