While he’s the focus of an investigation by WWE’s board for allegedly paying out $3 million to a former employee he reportedly had an affair, Vince McMahon has announced he’s voluntarily and temporarily stepping down as CEO.
Stephanie McMahon, who recently left the company to be with her family, stepped in as the interim CEO.
Vince will continue to be in control over WWE Creative while his daughter runs the company.
Changing of the guard
The company announced the change via press release:
“STAMFORD, Conn.–(BUSINESS WIRE)– WWE and its Board of Directors jointly released the following statement today:
“Independent directors continue review of alleged executive misconduct
“Stephanie McMahon named interim CEO and interim Chairwoman
“Stamford, Conn. – WWE (NYSE: WWE) and the Board of Directors today announced that a Special Committee of the Board is conducting an investigation into alleged misconduct by its Chairman and CEO Vincent McMahon and John Laurinaitis, head of talent relations, and that, effective immediately, McMahon has voluntarily stepped back from his responsibilities as CEO and Chairman of the Board until the conclusion of the investigation. McMahon will retain his role and responsibilities related to WWE’s creative content during this period and remains committed to cooperating with the review underway.
“The Special Committee has appointed Stephanie McMahon to serve as interim CEO and interim Chairwoman.
“’I have pledged my complete cooperation to the investigation by the Special Committee, and I will do everything possible to support the investigation. I have also pledged to accept the findings and outcome of the investigation, whatever they are,’ said Mr. McMahon.
“’I love this company and am committed to working with the Independent Directors to strengthen our culture and our Company; it is extremely important to me that we have a safe and collaborative workplace. I have committed to doing everything in my power to help the Special Committee complete its work, including marshaling the cooperation of the entire company to assist in the completion of the investigation and to implement its findings,’ said Ms. McMahon.
“WWE and its Board of Directors take all allegations of misconduct very seriously. The Independent Directors of the Board engaged independent legal counsel to assist 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, HR function and overall culture.
“The Company and the Board do not expect to have further comment until the investigation is concluded.”
Vince McMahon has made a habit of besting challenges put in front of him, and this is the biggest threat to him and the WWE since the steroid trial, and we’ll keep updating as more information comes out.
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