Vince McMahon, a longtime CEO of World Wrestling Entertainment who turned the professional struggle from side curiosity into a mass phenomenon, has resigned as chairman and CEO as the company’s board investigates allegations of wrongdoing against him, the company said Friday.
Stephanie McMahon, his daughter, will take over as interim CEO and chairman, the company said in a statement. Mr. McMahon will remain committed to WWE’s creative content and “remains committed to collaborating with the ongoing review,” the company said.
“I have promised my full support for the investigation by the Special Committee and I will do my utmost to support the investigation,” Mr McMahon said in a statement. “I also promised to accept the findings and results of the investigation, whatever they may be.
On Wednesday, The Wall Street Journal reported that Mr McMahon had agreed to pay a secret $ 3 million deal to an employee he allegedly had a relationship with and that the board had been investigating since April. The investigation revealed other non-disclosure agreements, including allegations of misconduct by Mr. McMahon, reports The Journal.
Mr McMahon’s lawyer told The Journal that the officer had not made any allegations of harassment against Mr McMahon and that he had used personal funds to pay for the agreement.
Far from being an anonymous CEO, Mr. McMahon is one of the most recognizable faces of professional wrestling, accepting a self-confident public figure who is often at the center of screen action. Since taking over his father’s wrestling company in 1982, Mr. McMahon has led it to become a cultural giant with more than $ 1 billion in revenue in 2021. WWE programs are broadcast in 30 languages and distributed through NBCUniversal and Fox Sports. among others.
The company said it has hired an independent legal adviser to conduct the investigation, and will also work with an independent organization to review the company’s compliance program, human resources function and overall culture.
Mr McMahon will appear on “Friday Night SmackDown” on Fox at 8pm Eastern Time, the company said on Twitter.
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