Vince McMahon leaves the post as CEO and President of the 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. McMahon’s daughter, Stephanie, will act as CEO and interim president, the organization said.
The Wall Street Journal recently reported that the board was investigating a $ 3 million deal that McMahon paid to a departing employee with whom he allegedly had a consensual relationship.
“I have pledged my full cooperation to the special committee’s investigation and will do my utmost to support the investigation. I have also pledged to accept the findings and outcome of the investigation, whatever they may be,” he said. McMahon in a statement prepared Friday.
The employee, hired as a paralegal in 2019, has a separation agreement since January that prevents her from discussing or disparaging her relationship with McMahon, the Journal reported.
The board’s investigation, which began in April, found other older confidentiality agreements involving claims from former WWE employees for misconduct by McMahon and John Laurinaitis, the WWE’s head of talent relations. , the Journal reported.
Aside from the investigation into the alleged misconduct of McMahon and Laurinaitis, WWE said the company and its special committee will work with an independent third party to conduct a thorough review of its compliance program, human resources function and culture. general.
Shares of World Wrestling Entertainment Inc., based in Stamford, Connecticut, fell 4% ahead of the opening bell on Friday.