Originally published at Vince McMahon voluntarily steps down as CEO & Chairman of WWE while investigation ongoing
Vince McMahon is temporarily stepping away from his duties as WWE’s CEO and Chairman while his investigation is ongoing.
WWE issued the news on Friday morning stating that McMahon will continue with his duties as it relates to the creative content of the programming.
From Vince McMahon:
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.
While the investigation into a secret settlement involving an ex-employee is ongoing, Stephanie McMahon has been installed as interim CEO and Chairwoman and gave the following 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 was named in a Wall Street Journal report this past Wednesday regarding an investigation launched by the company’s board of directors this past April. After an anonymous email to board members in late March, it was alleged that McMahon used personal funds to pay an ex-employee in a settlement agreement. In addition, the ex-employee, who was hired as a paralegal in 2019, received a $100,000 raise during her tenure with the company after allegedly engaging in a relationship with McMahon. Jerry McDevitt, the lawyer for McMahon, stated no claims of harassment were made by the ex-employee and called the relationship “consensual”.
The Wall Street Journal also reported that it was discovered that other non-disclosure agreements had been made after claims of misconduct against McMahon and John Laurinaitis.
In the press release on Friday, it stated that:
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.
WWE’s 12-person board of directors includes eight independent members consisting of Steve Koonin, Ignace Lahoud, Erika Nardini, Steve Pamon, Connor Schell, Man Jit Singh, Jeffrey R. Speed, and Alan M. Wexler.