Vince McMahon Stepping Back from Roles Amid Investigation

Only days after a report from The Wall Street Journal reported that the board of professional wrestling & media company World World Wrestling Entertainment (WWE) was investigating a $3M money settlement that CEO Vince McMahon paid a female paralegal over an alleged affair as well as several nondisclosure pacts connected to misconduct claims from other women who had also worked for the company involving McMahon & WWE talent executive John Laurinaitis, McMahon has “voluntarily stepped back” from his roles with the company pending an “investigation into alleged misconduct.” “McMahon will retain his role and responsibilities related to WWE’s creative content during this period and remains committed to cooperating with the review underway,” the company said in a statement. A special committee convened by the board to handle the investigation (along with an outside law firm) has appointed Stephanie McMahon as interim CEO and interim chairwoman.

“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 McMahon in a 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,” Stephanie McMahon added. “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.”

While the company and its board “do not expect to have further comment until the investigation is concluded,” it did release this statement: “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. 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.”