Vince McMahon has “voluntarily stepped back” from his duties as CEO of WWE amid an investigation into alleged misconduct. Stephanie McMahon has been appointed interim CEO and chairwoman, the WWE said Friday in a release.
A special committee of the board is conducting the investigation, the release said. McMahon, 76, will retain his responsibilities related to WWE’s creative content.
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According to a report in the Wall Street Journal earlier this week, the investigation has found that McMahon paid out $3 million to cover up an alleged affair with a former employee. The probe, which reportedly began in April, has also uncovered other instances of nondisclosure agreements related to misconduct allegations against McMahon and fellow executive John Laurinaitis, the Wall Street Journal reported.
“I have pledged my complete cooperation to the investigation by the special committee, and I will do everything possible to support the investigation,” he said in the statement. “I have also pledged to accept the findings and outcome of the investigation, whatever they are.”
The board has hired independent legal counsel to assist with the review, WWE said. The organization is also planning to work with an independent third party “to conduct a comprehensive review of the company’s compliance program, HR function and overall culture.”
The fact that Vince McMahon will remain in his role leading WWE’s creative content means he’s not fully stepping back from the company and will still control what happens with the on-screen product.
Meanwhile, Stephanie McMahon, Vince McMahon’s daughter, will now attempt to fill the biggest shoes in pro wrestling for the time being. Just a month ago, she announced she was taking a leave of absence from WWE to focus on her family.
Vince McMahon is no stranger to controversy over his decades running the company, which he bought from his father in 1982 and turned into a global corporation. News of the investigation, combined with the hiring of Nick Khan as WWE president in 2020 and McMahon’s comment in March that he expected more of his family members in the company, will likely increase speculation that the McMahons could sell controlling interest in the publicly traded company.
Vince McMahon is scheduled to appear on Friday’s episode of “SmackDown.”
(Photo: Joe Camporeale / USA Today)
