WWE‘s Vince McMahon is stepping back from his role as CEO and chairman of the company amid an ongoing investigation for alleged sexual misconduct. Vince had run the sports entertainment firm for 40 years after taking over from his dad in 1982, when the WWE was still known as the World Wrestling Federation. But on Friday, the board of directors announced Vince would be replaced by his daughter Stephanie McMahon until the investigation into an alleged hush-money payment to hide sexual acts with female employees has been completed.
On Wednesday, The Wall Street Journal reported how the board had been looking into a $3 million payout made to a woman to cover up an alleged consensual affair involving the businessman. Interestingly enough, it was after finding the $3 million settlement when a string of other non-disclosure agreements involving both Vince and Head of Talent Relations John Laurinaitis came to light.
“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,” the 76-year-old said in a separate statement. The board of directors said that Vince had “voluntarily stepped back from his responsibilities as CEO and Chairman of the Board until the conclusion of the investigation.”
Stephanie made sure to share a few words of her own amid the explosive allegations made against her father, saying, “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.”
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The board said that they’ve been looking into the allegations against Vince since April and that every case was being treated equally. They made sure to let it be known that the allegations are very serious, which is why they are performing a comprehensive review of not just Vince and John but of the company as a whole.
“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