Vince McMahon is voluntarily stepping away from his CEO and Chairman of the WWE duties amid an investigation into his alleged misconduct. Meanwhile, his daughter, Stephanie, has been named the interim CEO and interim Chairwoman.
WWE and the Board of Directors announced Friday that the 76-year-old will be taking a step back from his roles as the investigation into his alleged affair and $3 million hush-money pact begins. The statement read,
“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.”
Vince McMahon Stepping Away From WWE Amid Affair & Hush Money Investigation – Daughter Stephanie Named Interim CEO
They added, “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.”
Vince is being accused of paying a former employee $3 million over 5 years after the two of them had an affair. The woman alleges that Vince paid her a million dollars upfront, and spread out the rest over a 5-year span. Vince said in a statement Friday that he will cooperate and support the investigation by the Special Committee as well as accept the findings and outcome.
He’s still expected to appear on ‘SmackDown’ Friday night 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.”
Stephanie had just recently stepped away from the company as their chief brand officer to spend more time with her family, but will be back in full force as the interim CEO for now.
What do you think? Could this break Vince McMahon and what would happen to the WWE should he be arrested or shamed out of the company? Let us know in the comments below.
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