World Wrestling Entertainment Inc. founder Vince McMahon has stepped down from his position as chairman and CEO after an investigation into his alleged misconduct reportedly commenced. His daughter Stephanie has been appointed as interim CEO.
First reported by the Wall Street Journal this week, McMahon, along with WWE’s head of talent relations, John Laurinaitis, reportedly spent millions of dollars in hush money payments to women with whom he had engaged in sexual relationships. The investigation started with an allegation to the company’s board about a former employee who received a $3 million payment after leaving the company.
“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,” said Vince McMahon.
WWE says McMahon will retain his role in regards to the company’s creative content as he steps back and cooperates with the investigation.
McMahon first took control of the company after buying it from his father in 1982. Under McMahon and his wife, Linda McMahon, the WWE (then called the WWF) saw massive success and became a cultural touchstones for millions. Through his ties to the wrestling industry, McMahon became a household name, and his entire family became synonymous with the industry as well, with his son, Shane, and daughter, Stephanie, both performing as wrestlers for WWE. Stephanie later became a company executive.
Although WWE is publicly traded, the family effectively controls the entire company through the shares they own.
“I love this company and am committed to working with the independent directors to strengthen our culture and our company,” Stephanie McMahon said after being appointed interim CEO. “It is extremely important to me that we have a safe and collaborative workplace.”
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