Vince McMahon has stepped down as CEO and chairman of WWE during an investigation into alleged crimes involving the organization’s longtime leader and public face.
Vince McMahon has stepped down as CEO and chairman of WWE during an investigation into alleged crimes involving the organization’s longtime leader and public face.
McMahon will continue to manage WWE’s creative content during the investigation, World Wrestling Entertainment said on Friday, and appointed McMahon’s daughter Stephanie as interim CEO and chairwoman.
Vince McMahon will appear later on Friday in her live show “SmackDown,” the WWE said on Twitter after announcing management changes.
The Wall Street Journal reported on Wednesday that WWE was investigating an alleged payment of $ 3 million from a retired McMahon employee after a consensus affair.
“I promise my full cooperation in the special commission’s investigation and will do everything in my power to support the investigation,” McMahon said in a statement on Friday. “I also promise to accept the findings and results of the research, whatever they may be.”
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The employee, who was hired as a trainee in 2019, had a divorce agreement since January, which prevented him from discussing his relationship with McMahon or humiliating him, the daily said.
The council’s investigation, which began in April, revealed further, older confidentiality agreements involving allegations by former WWE employees about the wrongdoing of McMahon and John Laurinaitis, WWE’s head of talent, the Journal said.
WWE is also investigating the acts of Laurinaitis.
In addition to the WWE investigation, it said on Friday that the company and its special commissions will work with an independent third party to conduct a comprehensive review of the organization’s work.
Vince McMahon is the leader and most famous face of WWE for decades. When he bought the World Wrestling Federation from his father in 1982, wrestling matches took place in small places and appeared on local cable channels.
WWE competitions are now held in professional sports stadiums, and the organization is well-received abroad. It has a broadcast partnership with the Saudi media company MBC Group and organizes one or two live pay-per-view shows in Saudi Arabia each year.
Under McMahon, the organization has undergone a seismic transformation with events such as WrestleMania, a premium live production that has attracted millions of enthusiastic viewers.
Last year’s revenue was more than $ 1 billion for the first time, and the company has television contracts with Fox and NBCUniversal. Last month, it announced a multi-year expansion of its original program partnership with A&E.
WWE stars have become crossover sensations, including Hulk Hogan, Dwayne “The Rock” Johnson, Steve Austin’s “Stone Cold” and John Cena.
Stephanie McMahon, who will at least temporarily replace the head of WWE, announced last month that she would take time off most of her organizational duties. He worked as the company’s marketing director.
Her husband Paul Levesque, who fought under the name Triple H, announced in March that the match would end due to heart disease. Levesque serves as WWE’s Executive Vice President of Strategy and Development.
“I promise to do everything in my power to help the special committee complete its work, including establishing company-wide cooperation to help complete the investigation and implement its findings,” he said in a statement.
Shares of World Wrestling Entertainment Inc. headquartered in Stamford, Connecticut, fell 3% on Friday.
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