Michelle Chapman, The Associated Press Published Friday, June 17, 2022 at 2:30 p.m. EDT
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, and appointed McMahon’s daughter, Stephanie, as CEO and interim president.
Vince McMahon will appear on his live show “SmackDown” later Friday, WWE said on Twitter after announcing the leadership changes.
The Wall Street Journal reported Wednesday that the WWE was investigating an alleged $ 3 million payment from McMahon to an employee who was leaving after a consensual relationship.
“I have pledged my full cooperation to the special committee’s investigation and will do my utmost to support the investigation,” McMahon said in a statement on Friday. “I am also committed to accepting the findings and the outcome of the investigation, whatever they may be.”
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.
The WWE is also investigating Laurinaitis 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 thorough review of the organization’s work environment.
Vince McMahon has been the WWE’s most recognizable leader and face for decades.
When he bought what was then 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, the organization has a significant number of fans abroad. It has a broadcast partnership with Saudi media company MBC Group and does one or two live pay shows in Saudi Arabia each year.
The organization underwent a seismic transformation under McMahon with events such as WrestleMania, a premium live production that attracted millions of avid 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 several-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 WWE leader, announced last month that she was taking a leave of absence from most of her responsibilities in the organization. She had been the brand director of the company.
Her husband, Paul Levesque, who fought under the name Triple H, announced in March that she was retiring from the fight due to heart disease. Levesque is WWE’s Executive Vice President of Strategy and Development.
“I am committed to doing everything in my power to assist the Special Committee in completing its work, including coordinating the cooperation of the entire company to help complete the investigation and implement its findings,” he said. say in a statement.
Shares of World Wrestling Entertainment Inc., based in Stamford, Connecticut, fell 3% on Friday.