Vince McMahon has “voluntarily stepped down” as WWE’s CEO and Chairman while the board of directors conducts an “investigation into suspected misbehavior.”
The Hollywood Reporter reports that the board is looking into allegations of wrongdoing against McMahon and WWE’s Head of Talent Relations, John Laurinaitis. During the investigation, McMahon will “retain his role and responsibilities connected to WWE’s creative material,” according to the corporation, and will “remain committed to participating with the ongoing review.”
According to the Wall Street Journal, McMahon entered into a separation agreement with a former female employee with whom he had a consensual affair and paid her $3 million. The WWE board has subsequently discovered further potential settlements and legal agreements that McMahon and Laurinaitis may have had with other women, according to the report.
The company stated all claims of misbehavior are taken extremely seriously by WWE and its board of directors, The board’s independent directors enlisted the help of independent legal counsel to conduct an independent review. In addition, the special committee and WWE will conduct a complete examination of the company’s compliance procedures, HR function, and overall culture with the help of an independent third party.
Vince McMahon’s Daughter Will Serve As Interim CEO And Chair
Stephanie McMahon, Vince McMahon’s daughter, has been named acting CEO and interim chairperson of WWE until the investigation is completed. After declaring last month that she was taking a leave of absence from the majority of her responsibilities at WWE to focus on her family, she is returning to the company to fill these roles temporarily.
Vince McMahon and his wife Linda started WWE in 1980, and they’ve seen it grow into a sports entertainment behemoth over the years. Last year, Peacock earned $1.1 billion in income, because of a multi-year deal that gave it exclusive streaming rights to the WWE Network in the United States.