WWE CEO Vince McMahon stepping down amid misconduct probe

Vince McMahon is stepping down as CEO and chairman of WWE throughout an an investigation into alleged misconduct involving the longtime chief and public face of the group.

McMahon will proceed to supervise WWE’s artistic content material through the investigation, World Wrestling Leisure stated Friday, and named McMahon’s daughter, Stephanie, as interim CEO and chairwoman.

Vince McMahon will seem on its dwell present “SmackDown” later Friday, WWE stated on Twitter after it introduced the modifications in management.

The Wall Road Journal reported Wednesday that WWE was investigating an alleged $3 million fee from McMahon to a departing feminine worker following a consensual affair.

“I’ve pledged my full cooperation to the investigation by the particular committee, and I’ll do every thing attainable to assist the investigation,” McMahon stated in a ready assertion Friday. “I’ve additionally pledged to just accept the findings and final result of the investigation, no matter they’re.”

The worker, employed as a paralegal in 2019, has a separation settlement from January that forestalls her from discussing her relationship with McMahon or disparaging him, the Journal reported.

The board’s investigation, which began in April, discovered different, older nondisclosure agreements involving claims by former feminine WWE workers of misconduct by McMahon and John Laurinaitis, the top of expertise relations at WWE, the Journal reported.

The WWE can also be investigating actions by Laurinaitis.

Outdoors of the investigation, WWE stated Friday that the corporate and its particular committee will work with an unbiased third-party to carry out a complete evaluation of the work atmosphere on the group.

Vince McMahon has been the chief and most recognizable face at WWE for many years.

When he bought what was then the World Wrestling Federation, from his father in 1982, wrestling matches occurred at small venues and appeared on native cable channels.

WWE matches at the moment are held in skilled sports activities stadiums it the group has a sizeable abroad following. It has a broadcast partnership with Saudia Arabian media firm MBC Group and performs one to 2 dwell pay-per-view reveals in Saudi Arabia every year.

The group underwent a seismic transformation beneath McMahon with occasions like WrestleMania, a premium dwell manufacturing that attracts thousands and thousands of fervent viewers.

Income final yr exceeded $1 billion for the primary time and the corporate has tv offers with Fox and NBCUniversal. Final month it introduced a multi-year enlargement of its unique programming partnership with A&E.

WWE stars have develop into crossover sensations, together with Hulk Hogan, Dwayne “The Rock” Johnson, “Stone Chilly” Steve Austin and John Cena.

Stephanie McMahon, who will take over no less than quickly because the chief of WWE, introduced final month that she was taking a go away of absence from probably the most of her tasks on the group. She had been serving as the corporate’s chief model officer.

Her husband, Paul Levesque, who wrestled beneath the identify Triple H, introduced in March that he was retiring from wrestling because of a coronary heart situation. Levesque serves as WWE’s government vp of technique and improvement.

“I’ve dedicated to doing every thing in my energy to assist the Particular Committee full its work, together with marshaling the cooperation of your complete firm to help within the completion of the investigation and to implement its findings,” she stated in an announcement.

Shares of World Wrestling Leisure Inc., based mostly in Stamford, Connecticut, slid 3% Friday.