Vince McMahon ‘voluntarily’ steps back as WWE CEO, Chairman

WWE Chief Executive Officer and Chairman, Vince McMahon, has stepped back from his responsibilities whilst a WWE Board investigation is ongoing, WWE have announced.

The news comes after the Wall Street Journal reported that the WWE Board is investigating McMahon over allegations that he paid a $3 million settlement to a departing employee, with whom he allegedly had an affair.

The report also says that non-disclosure agreements have been found regarding claims of misconduct by other female employees, involving both McMahon and John Laurinaitis. Laurinaitis is the general manager of Talent Relations in WWE. He was briefly an on-screen authority figure in 2011 and 2012.

These allegations reportedly surfaced after the board received anonymous emails from someone claiming to be a friend of the woman who had an alleged relationship with McMahon, the report adds.

One email, according to the WSJ report, alleges that the woman was hired as a paralegal by McMahon. It claims that she had her salary increased from $100,000 to $200,000 after they began an alleged sexual relationship, and also claims that McMahon “gave her like a toy” to Laurinaitis.

The WSJ report adds that the board’s preliminary findings indicate that McMahon used personal funds to the former employees.

In a statement to WSJ, a company spokesperson said that WWE is co-operating with the investigation, and that McMahon’s relationship to the former employee was consensual.

WWE have now announced, via their corporate website, that the 76-year-old has “voluntarily stepped back from his responsibilities” as CEO and Chairman until the board’s investigation has concluded.

In the interim, Stephanie McMahon will serve as interim CEO and Chairwoman. She had recently announced that she was taking a leave of absence from the company, but will now return.

What have WWE said?

The statement reads: “WWE and the Board of Directors today announced that a Special Committee of the Board is conducting an investigation into alleged misconduct by its Chairman and CEO Vincent McMahon and John Laurinaitis, head of talent relations, and that, effective immediately, McMahon has voluntarily stepped back from his responsibilities as CEO and Chairman of the Board until the conclusion of the investigation.

“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 Special Committee has appointed Stephanie McMahon to serve as interim CEO and interim Chairwoman.”

What has Vince McMahon said?

Within the WWE statement, Vince McMahon said: “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.”

WWE conclude the statement by adding: “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.

“The Company and the Board do not expect to have further comment until the investigation is concluded.”

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