WWE boss Vince McMahon steps away from CEO role, will address misconduct probe on ‘Smackdown’

Business

Getty Images

WWE CEO and Chairman Vince McMahon is stepping back from his duties as the company’s board investigates alleged misconduct by the executive, the company announced Friday.

The announcement of the move and the special board committee probe comes two days after The Wall Street Journal reported that the WWE board was looking into McMahon for paying a former employee $3 million to keep her quiet about an alleged affair between the two of them.

The report said the probe also dug up previous nondisclosure agreements with former female WWE employees who alleged misconduct against McMahon and another executive, John Laurinaitis, who used to wrestle under the name Johnny Ace.

“I have pledged my complete cooperation to the investigation by the Special Committee, and I will do everything possible to support the investigation,” McMahon said in a press release Friday. “I have also pledged to accept the findings and outcome of the investigation, whatever they are.”

McMahon’s daughter, Stephanie McMahon, will take over as interim CEO and chairwoman. Stephanie McMahon had said in May that she was pulling back from the bulk of her duties as a WWE executive to spend more time with her family.

This story is developing. Please check back for updates.

Articles You May Like

Ford raises price of electric F-150 Lightning by up to $8,500 due to ‘significant’ battery cost increases
Minimum Book Tax: Flawed Revenue Source, Penalizes Pro-Growth Cost Recovery
Stocks making the biggest moves after hours: Coinbase, Sweetgreen, Roblox and more
‘I work just 5 hours a week’: This 39-year-old makes $160,000 a month in passive income—a look at his typical day
Stocks making the biggest moves premarket: Expedia, Block, Lyft and more