Vince McMahon is stepping back from his duties as Chief Executive Officer of the WWE while the board investigates allegations of misconduct by him and John Laurinaitis.
According to a statement, Vince will retain his responsibilities related to the company’s creative content, but a special board committee has appointed his daughter, Stephanie McMahon to serve as interim CEO and interim chairwoman.
This is interesting considering the fact that four weeks ago, Stephanie announced she was taking a leave of absence from the WWE to focus on her family.
In a statement, Vince said:
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.
He didn’t even attempt to say he was innocent.
The WWE board has hired independent legal counsel to assist in their investigation after a Wall Street Journal report revealed Vince McMahon allegedly paid a former employee he had an affair with $3 million in hush money.
That information opened Pandora’s Box to other alleged nondisclosure agreements Vince and John Laurinaitis had with former female employees to conceal their misconduct.
John is a former wrestler who manages talent relations for WWE.
The board also announced plans to work with a third-party to conduct a review of the company’s compliance program, human-resources function, and overall culture.
Source: Bloomberg
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