Vince McMahon steps down as CEO and chairperson of WWE, His daughter Stephanie has been named interim CEO

During this time, McMahon has kept his role and responsibilities related to WWE’s creative content. He is still committed to working with the review that is going on.
Vince McMahon, the founder and CEO of WWE, has “voluntarily stepped down” from his positions as CEO and chairman of the sports entertainment powerhouse. This is because of an “investigation into alleged misconduct” by him and the head of talent relations, John Laurinaitis, is going on.

The company said

McMahon will keep his role and responsibilities related to WWE’s creative content during this time, and he is still committed to helping with the review that is going on

The probe is being done by a special committee of the board. WWE also said on Friday that McMahon’s daughter Stephanie has been named interim CEO and interim chairwoman.

The Wall Street Journal said that women who said they had sexual relationships with McMahon were paid millions of dollars to keep quiet. Someone who knew an employee who left the company earlier this year and got a $3 million payment called the board and told them about the allegations. The report says that it later found other payments and legal agreements with other women. Laurinaitis used to be known as Johnny Ace when he was a wrestler. McMahon has also played a character on WWE shows for decades.

McMahon said

“I have promised to help the special committee’s investigation in every way I can, and I will do everything I can to help the investigation.” “I have also promised to accept the results of the investigation, no matter what they are”

“All claims of wrongdoing are taken very seriously by WWE and its board of directors,” the company said. “The independent board members hired independent lawyers to help them do an independent review. The special committee and WWE will also work with a third party to do a full review of the company’s compliance program, HR function, and culture as a whole. The company said that neither it nor the board expected to have more to say until the investigation was over.

Even though the WWE is a public company, Vince McMahon and his family have a lot of power over it because they own Class B shares. Linda McMahon, who used to run the company and was in charge of the Small Business Administration when President Trump was in office, is married to McMahon. His daughter Stephanie was the company’s chief brand officer until just recently. Her husband, the ex-wrestler Paul “HHH” Levesque, also worked for the company as an executive.

Stephanie McMahon said, “I love this company, and I’m committed to working with the independent directors to make our culture and company stronger. It’s very important to me that we have a safe and collaborative workplace.” “I have promised to do everything in my power to help the special committee finish its work. This includes getting the whole company to help finish the investigation and put the committee’s findings into action.”

The WWE has TV deals with both NBCUniversal and Fox Corp. Raw airs on USA Network, and Peacock has the rights to Wrestlemania and other big events (which airs Smackdown). It has also started making shows for other networks. A&E has ordered a bunch of WWE-themed shows, and Netflix is going to air a docuseries about McMahon’s life.
Vince and Linda McMahon started the company that became WWE in 1980. McMahon’s father had been running wrestling promotions since the 1950s.

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