WWE Founder and CEO Vince McMahon “voluntarily resigned” as CEO and chairman of the sports entertainment company amid an “investigation into alleged violations” by him and John Laurinatis, head of talent relations. .
“McMahon will retain his role and responsibilities in the creative content of WWE during this period and remains committed to collaborating with the ongoing review,” the company said. A special commission on board is dealing with the probe. He has appointed McMahon’s daughter Stephanie as interim chief executive and interim chairman, WWE reported on Friday.
The Wall Street Journal reported multimillion-dollar secret money payments to women who allegedly had sex with McMahon. The allegations were prompted after the board was contacted by someone who knew an employee who left the company earlier this year and received a $ 3 million payment. She subsequently revealed other payments and legal agreements with other women, according to the report.
Previously, Laurinatis fought under the stage name Johnny Ace. McMahon has also appeared for decades in WWE programming as a character.
“I have promised my full support for the investigation by the special commission and I will do my best to support the investigation. I also promised to accept the findings and results of the investigation, whatever they may be, “said Vince McMahon.
“WWE and its board of directors take all allegations of misconduct very seriously,” the company said. “The independent directors on board have hired an independent legal adviser to help them with an independent review. In addition, the Special Committee and WWE will work with an independent third party to conduct a comprehensive review of the company’s compliance program, human resources function and overall culture. “
The company said it and the board “do not expect to have further comments until the investigation is completed”.
McMahon and his family effectively control WWE through their ownership of Class B shares, although the company is publicly traded. McMahon is married to Linda McMahon, a former CEO and administrator of the Small Business Administration when President Trump took office. Until recently, his daughter Stephanie was the company’s chief brand director, and her husband, former wrestler Paul “HHH” Levesque, was also the company’s chief executive.
“I love this company and I am committed to working with independent directors to strengthen our culture and our company; It’s very important to me to have a safe and shared workplace, “said Stephanie McMahon. “I have committed myself to do my utmost to help the special commission complete its work, including organizing the cooperation of the whole company to help complete the investigation and implement its findings.
WWE has televised deals with NBCUniversal (Raw airs on the USA Network, and Peacock has the rights to its first-class events such as Wrestlemania) and Fox Corp. (which broadcasts Smackdown). It has also expanded its programming to other stores, with A&E commissioning a range of WWE-related programs and Netflix launching a documentary series based on McMahon’s life.
Vince and Linda McMahon founded the company, which became WWE in 1980 (McMahon’s father ran wrestling promotions from the 1950s) and has run it ever since.
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