WWE President and CEO Vince McMahon is stepping down as the company investigates him for alleged misconduct, the company announced Friday.
The investigation focuses on claims that McMahon silently paid money to an employee with whom he allegedly had a relationship, the Wall Street Journal reported for the first time.
A WWE board committee is investigating the allegations, the WWE said in a statement, noting that McMahon will relinquish his responsibilities “until the investigation is completed.” Meanwhile, her daughter, Stephanie McMahon, will act as president and CEO of the publicly traded entertainment company.
“I have committed my full cooperation to the Special Committee’s investigation, and I will do my utmost to support the investigation. I am also committed to accepting the findings and outcome of the investigation, whatever they may be,” Vince said. McMahon in the magazine. statement.
The investigation, which began in April, focuses on an alleged $ 3 million deal in January 2022 between Mr. McMahon and a former employee who worked as a paralegal for the WWE, according to the Wall Street Journal. The agreement prevents the former employee from discussing the relationship or disparaging McMahon.
The board’s agreement investigation has uncovered other confidentiality agreements between McMahon and former employees who accused her boss of misconduct, the Journal reported.
John Laurinaitis, head of WWE talent relations, is also under investigation.
Family members and executives suing Vince McMahon sit on the 12-person WWE board. Stephanie McMahon and her husband, Paul Levesque, a former professional wrestler who uses the stage name Triple H., are among its members. Vince McMahon controls most of the voting power of the shareholders.
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