Michelle Chapman, Associated Press, Published Friday, June 17, 2022, 2:30 PM EDT
Vince McMahon resigned as CEO and chairman of WWE during an investigation into alleged violations involving the organization’s longtime leader and public figure.
McMahon will continue to monitor WWE’s creative content during the investigation, World Wrestling Entertainment reported on Friday, naming McMahon’s daughter, Stephanie, as interim CEO and chairman.
Vince McMahon will appear on his live show “SmackDown” later on Friday, WWE announced on Twitter after announcing the change in leadership.
The Wall Street Journal reported Wednesday that WWE is investigating an alleged $ 3 million payment by McMahon to a leaving employee following a mutual affair.
“I have promised my full cooperation in the investigation by the special commission and I will do my best to support the investigation,” McMahon said in a statement on Friday. “I also promised to accept the findings and results of the investigation, whatever they may be.
The employee, hired as an assistant in 2019, has a separation agreement from January, which prevents her from discussing her relationship with McMahon or ignoring it, the Journal writes.
The on-board investigation, which began in April, found other, older non-disclosure agreements, including allegations by former WWE officials of misconduct by McMahon and John Laurinatis, head of WWE’s talent department, the Journal reported.
WWE is also investigating the actions of Laurinaitis.
Outside of the investigation, WWE said Friday that the company and its special committee will work with an independent third party to conduct a comprehensive review of the organization’s work environment.
Vince McMahon has been the leader and most recognizable face in the WWE for decades.
When he bought the then World Wrestling Federation from his father in 1982, wrestling matches were held in small places and appeared on local cable channels.
WWE matches are already held in professional sports stadiums, as the organization has significant followers abroad. It has a broadcasting partnership with the Saudi media company MBC Group and performs one to two live pay-per-view programs in Saudi Arabia each year.
The organization has undergone a seismic transformation at McMahon with events such as WrestleMania, a first-class live production that attracts millions of avid viewers.
Last year’s revenue exceeded $ 1 billion for the first time, and the company has television deals with Fox and NBCUniversal. Last month, it announced a multi-year extension of its initial program partnership with A&E.
WWE stars have become crossover sensations, including Hulk Hogan, Dwayne “The Rock” Johnson, “Stone Cold” Steve Austin and John Cena.
Stephanie McMahon, who will take over the WWE leadership at least temporarily, announced last month that she is taking a leave of absence from most of her duties at the organization. She had served as the company’s chief brand director.
Her husband, Paul Levesque, who fought under the name Triple H, announced in March that he was withdrawing from the fight due to heart disease. Levesque serves as WWE’s executive vice president of strategy and development.
“I am committed to doing my utmost to help the Special Committee complete its work, including organizing the company’s cooperation to help complete the investigation and implement its findings,” she said in a statement.
Shares of World Wrestling Entertainment Inc., based in Stamford, Connecticut, fell 3% on Friday.
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