Vince McMahon will step down as CEO and Chairman of WWE in an investigation into alleged misconduct involving the organization’s longtime leader and public face.
McMahon will continue to oversee WWE’s creative content during the investigation, World Wrestling Entertainment said Friday, and named McMahon’s daughter, Stephanieas interim CEO and Chairman.
Vince McMahon will appear during the “SmackDown” live show late Friday, WWE said on Twitter after announcing the leadership changes.
The Wall Street Journal reported on Wednesday that WWE is investigating an alleged $3 million payment from McMahon to a female employee who left her job following a consent incident.
“I have committed to fully cooperate with the special committee’s investigation and I will do everything I can to assist with the investigation,” McMahon said in a prepared statement Friday. “I have also pledged to accept the findings and results of the investigation, whatever they may be.”
The employee, hired as an attorney in 2019, had a separation agreement from January that prevented her from discussing her relationship with McMahon or disparaging him, the Journal reported.
The board’s investigation, which began in April, found other, older non-disclosure agreements related to statements by former WWE employees about McMahon’s misconduct and John Laurinaitishead of talent relations at WWE, the Journal reported.
WWE is also investigating Laurinaitis’s actions.
Outside of the investigation, WWE said Friday that the company and its special committee will work with an independent third party to conduct a comprehensive review of the workplace environment at the organization.
Vince McMahon has been the leader and most recognizable face at WWE for decades.
When he acquired the World Wrestling Federation, from his father in 1982, wrestling matches took place in small venues and appeared on local cable channels.
WWE matches are now held in professional sports stadiums and the organization has a sizable following overseas. It has a broadcast partnership with Saudia media company MBC Group and conducts one to two pay-per-view shows live in Saudi Arabia each year.
The organization has experienced an earthquake under McMahon with events like WrestleMania, a high-profile live production that attracts millions of enthusiastic viewers.
Revenue last year exceeded $1 billion for the first time, and the company has television deals with Fox and NBCUniversal. Last month, the company announced the expansion of its initial programming partnership with A&E that spans many years.
WWE stars have become crossover sensations, including Hulk Hogan, Dwayne The Rock Johnson, “Stone Cold” Steve Austin and John Cena.
Stephanie McMahon, who will temporarily take over as WWE’s leader, announced last month that she’s leaving for most of her responsibilities at the organization. She served as the company’s brand director.
Her husband, Paul Levesque, who fights under the name Triple HOW, announced in March that he would be out of action due to a heart condition. Levesque is 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 coordinating the entire company’s cooperation to assist in completing the investigation and executing it. show its findings,” she said in a statement.
Shares of World Wrestling Entertainment Inc., based in Stamford, Connecticut, fell 3% on Friday.
Associated Press report.
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