Vince McMahon steps down as WWE CEO while the company investigates alleged misconduct

World Wrestling Entertainment CEO Vince McMahon is stepping aside away from the business side of the wrestling company while an investigation is conducted into an alleged hush-money payment to cover up sexual misconduct, the WWE and its board of directors announced Friday.McMahon has run the company for 40 years after taking over for his father in 1982, when it was known as the World Wrestling Federation. He’ll still maintain control of the WWE’s creative output during the investigation, and the company announced he’d appear on Friday night’s episode of SmackDown.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,” McMahon said in the company’s statement The newspaper reported that the board’s investigation uncovered several other nondisclosure agreements reached in relation to other misconduct claims against McMahon and Head of Talent Relations John Laurinaitis by women who worked for WWE.Chief Brand Officer Stephanie McMahon, Vince McMahon’s daughter and a WWE executive since 2006, will take over as CEO and chair of the board of directors in his absence.The company said that in addition to investigating the allegations against McMahon and Laurinaitis, it also would hire an outside company to review the company’s human resources department and overall culture.The McMahon family has been involved in wrestling for more than a hundred years, and Vince McMahon regularly cast himself and his children as villains in the WWE’s wrestling storylines. The company achieved a near-monopoly of the industry with the shutdown of World Championship Wrestling in 2001

Vince McMahon takes ‘Smackdown’ stage after misconduct allegations emerge

Vince McMahon is in the middle of a corporate firestorm, but he still opened the company’s wrestling telecast “Smackdown” on Friday.”Mr. McMahon,” the executive’s in-ring persona, kept things short.”It’s a privilege as always to stand before you here tonight,” McMahon said to the crowd in Minneapolis, Minnesota.McMahon told the audience that he was there to simply remind the crowd of the four words that make up the “WWE signature.Those four words are ‘then,’ ‘now,’ ‘forever,’ and the most important word is ‘together,'” he said. “Welcome to Smackdown!”McMahon then left the ring as his theme song, “No Chance in Hell,” played.The longtime chief of the wrestling company is being investigated by the company’s board for agreeing to pay a secret $3 million settlement to a former employee he allegedly had an affair with, according to aHis daughter Stephanie McMahon will serve as interim CEO and chairwoman, the company said in a statement on Friday.As for McMahon’s in-ring persona, he won’t be going anywhere for now. McMahon will retain his role regarding WWE’s creative content and will appear as his character during matches as the investigation plays out.The separation agreement was reportedly made in January between McMahon and the former unnamed employee. It prevented the employee, who was hired as a paralegal, “from discussing her relationship with Mr. McMahon or disparaging him,” according to the Journal.His daughter Stephanie McMahon will serve as interim CEO and chairwoman, the company said in a statement on Friday.As for McMahon’s in-ring persona, he won’t be going anywhere for now. McMahon will retain his role regarding WWE’s creative content and will appear as his character during matches as the investigation plays out.The separation agreement was reportedly made in January between McMahon and the former unnamed employee. It prevented the employee, who was hired as a paralegal, “from discussing her relationship with Mr. McMahon or disparaging him,” according to the Journal.

Vince McMahon Steps Down as WWE CEO During Investigation, Stephanie McMahon Named Interim CEO

Vince McMahon has stepped down as Chairman and CEO of WWE and Stephanie McMahon has been named Chairwoman and CEO of the wrestling giant following news of an ongoing investigation into alleged misconduct by Mr. McMahon and John Laurinaitis, WWE’s head of talent relations.Mr. McMahon said in a personal statement, ““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.”Ms. McMahon said in her own personal statement, “I love this company and am committed to working with the Independent Directors to strengthen our culture and our Company; it is extremely important to me that we have a safe and collaborative workplace. I have committed to doing everything in my power to help the Special Committee complete its work, including marshaling the cooperation of the entire company to assist in the completion of the investigation and to implement its findings.”Furthermore, the joint statement from WWE and its Board of Directors concluded, “WWE and its Board of Directors take all allegations of misconduct very seriously. The Independent Directors of the Board engaged independent legal counsel to assist them with an independent review. In addition, the Special Committee and WWE will work with an independent third-party to conduct a comprehensive review of the company’s compliance program, HR function and overall culture. The Company and the Board do not expect to have further comment until the investigation is concluded.

Vince McMahon will step down during WWE misconduct probe

Vince McMahon is stepping down as CEO and chairman of WWE during an investigation into alleged misconduct involving the longtime leader and public face of the organization.McMahon will continue to oversee WWE’s creative content during the investigation, World Wrestling Entertainment said Friday, and named McMahon’s daughter, Stephanie, as interim CEO and chairwoman.Vince McMahon will appear on its live show “SmackDown” later Friday, WWE said on Twitter after it announced the changes in leadership.The Wall Street Journal reported Wednesday that WWE was investigating an alleged $3 million payment from McMahon to a departing female employee following a consensual affair.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 prepared statement Friday. “I have also pledged to accept the findings and outcome of the investigation, whatever they are.”The employee, hired as a paralegal in 2019, has a separation agreement from January that prevents her from discussing her relationship with McMahon or disparaging him, the Journal reported.The board’s investigation, which started in April, found other, older nondisclosure agreements involving claims by former female WWE employees of misconduct by McMahon and John Laurinaitis, the head of talent relations at WWE, the Journal reported.The WWE is also investigating actions by Laurinaitis.Outside of the investigation, WWE said Friday that the company and its special committee will work with an independent third-party to perform a comprehensive review of the work environment at the organization.Vince McMahon has been the leader and most recognizable face at WWE for decades.When he purchased what was then the World Wrestling Federation, from his father in 1982, wrestling matches took place at small venues and appeared on local cable channels.WWE matches are now held in professional sports stadiums it the organization has a sizeable overseas following. It has a broadcast partnership with Saudia Arabian media company MBC Group and performs one to two live pay-per-view shows in Saudi Arabia each year.The organization underwent a seismic transformation under McMahon with events like WrestleMania, a premium live production that draws millions of fervent viewers.Revenue last year exceeded $1 billion for the first time and the company has television deals with Fox and NBCUniversal. Last month it announced a multi-year expansion of its original programming partnership with A&E.WWE stars have become crossover sensations, including Hulk Hogan, Dwayne “The Rock” Johnson, “Stone Cold” Steve Austin and John Cena.Stephanie McMahon, who will take over at least temporarily as the leader of WWE, announced last month that she was taking a leave of absence from the most of her responsibilities at the organization. She had been serving as the company’s chief brand officer.Her husband, Paul Levesque, who wrestled under the name Triple H, announced in March that he was retiring from wrestling due to a heart condition. Levesque serves as WWE’s executive vice president of strategy and development.I have committed to doing everything in my power to help the Special Committee complete its work, including marshaling the cooperation of the entire company to assist in the completion of the investigation and to implement its findings,” she said in a statement.