Vince McMahon steps aside as WWE chairman, CEO amid investigation into alleged hush money payment

NEW YORK – Vince McMahon is stepping down as CEO and chairman of World Wrestling Entertainment during an investigation into a report that he agreed to silently pay a former employee for a relationship, the company announced on Friday.

The WWE said in a statement that “a Special Committee on the Board is conducting an investigation into alleged misconduct by President and CEO Vincent McMahon and John Laurinaitis, Head of Talent Relations, and that McMahon immediately resigned of. as CEO and Chairman of the Board until the completion of the investigation “.

McMahon is collaborating with the research, WWE said, and “will retain his role and responsibilities related to WWE creative content during this period.”

“I pledge my full cooperation in the Special Committee’s investigation and will do my utmost to support the investigation. I am also committed to accepting the findings and the outcome of the investigation, whatever they may be,” McMahon told statement. .

McMahon’s daughter Stephanie will serve as interim executive director and president, WWE said.

Friday’s move follows a Wall Street Journal reported Wednesday that McMahon had agreed to a secret $ 3 million settlement with the former employee. The divorce deal, signed in January, is intended to prevent the woman from discussing her relationship with McMahon or making derogatory comments about him, according to the Journal. The report, citing documents and accounts of people familiar with the investigation, said the investigation began in April and has uncovered other non-disclosure agreements over the years involving allegations of misconduct by former employees against McMahon and Laurinaitis.

In its release, WWE said no further comments were expected until the investigation was completed. The company did not elaborate on the allegations against McMahon.

McMahon bought the then World Wrestling Federation from his father, Vincent J. McMahon, in 1982 and formed the company into a global wrestling power and multimedia group that has created crossover stars such as Hulk Hogan, The Rock, Stone Cold Steve Austin and John. Price.

WWE is a listed company, but McMahon still holds the majority of the shareholder voting power.

This report uses information from Marc Raimondi of ESPN.

Copyright © 2022 ESPN Internet Ventures. All rights reserved.

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Vince McMahon steps aside as WWE chairman, CEO amid investigation into alleged hush money payment Source link Vince McMahon steps aside as WWE chairman, CEO amid investigation into alleged hush money payment

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