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Vince McMahon Steps Down As WWE Chairman And CEO Over Alleged Misconduct

This comes after it was reported earlier this month that McMahon allegedly paid $3 million to a former employee with whom he had an affair.

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Image: wwe.com


WWE on Friday announced that Vince McMahon has "stepped back" from his role as CEO and Chairman of the board effective immediately. McMahon's daughter Stephanie has been appointed the interim CEO and Chairwoman by a Special Committee. This comes after it was reported earlier this month that McMahon allegedly paid $3 million to a former employee with whom he had an affair. The misconduct is being investigated by WWE’s board of directors. 

"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," WWE Corporate announced in a statement.

Vince McMahon's statement on allegations

In a statement issued on WWE's official website, McMahon pledged complete cooperation with the Special Committee that is investigating the matter. McMahon said he will do everything possible to support the investigation. He further pledged to accept the findings and outcome of the investigation.

"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," McMahon said in a statement.

"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," McMahon added.

Stephanie is currently the chief brand officer of the company. 

Image: wwe.com
 

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