Vince McMahon While the business investigates allegations of wrongdoing, Vince McMahon steps down as CEO of WWE.
The WWE and its board of directors announced on Friday that CEO Vince McMahon is stepping down from the business side of the company while an investigation into an alleged hush-money payment to cover up sexual misbehaviour is performed.
After taking over for his father in 1982, when the firm was known as the World Wrestling Federation, McMahon has led the organisation for the past 40 years. During the inquiry, he’ll keep control of the WWE’s creative output, and the business has confirmed that he’ll appear on Friday’s broadcast of SmackDown.
“I have offered my full cooperation to the Special Committee’s probe, and I will do all in my power to assist the investigation. I’ve also promised to accept the investigation’s findings and result, whatever they are “In a statement released by the corporation, McMahon stated.
According to the Wall Street Journal, the board is looking into a $3 million compensation to a woman to cover up an alleged consensual affair between a WWE paralegal and McMahon, who has previously been accused of sexual misconduct.
According to the publication, the board’s inquiry discovered multiple more nondisclosure agreements negotiated in connection with sexual misconduct charges made by women who worked for WWE against McMahon and Head of Talent Relations John Laurinaitis.
In addition to looking into the charges against McMahon and Laurinaitis, the business announced it will employ an independent firm to look into its human resources department and its culture.
In his absence, Vince McMahon’s daughter Stephanie McMahon, a WWE official since 2006, will take over as CEO and head of the board of directors.
The McMahon family has been active in professional wrestling for almost a century, and Vince McMahon frequently portrays himself and his offspring as villains in WWE storylines. With the demise of World Championship Wrestling in 2001, the corporation gained a near-monopoly in the industry.
The family has become billionaires as a result of this, and they’ve used part of their wealth to get engaged in Republican politics, including Linda McMahon’s two failed Senate campaigns. Under former President Donald Trump, she went on to lead the Small Business Administration for two years.