The WWE Board of Directors announced today that Chairman and CEO Vince McMahon has voluntarily stepped back from his responsibilities as CEO and Chairman of the Board until the conclusion of the on-going inquiries which includes allegations that Vince McMahon used company funds as hush money to cover up an affair with an employee.
According to the statement by the WWE, “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”.
“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 Mr. McMahon.
The Special Committee has appointed Stephanie McMahon to serve as interim CEO and interim Chairwoman.
“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. 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,” said Stephanie McMahon.
A Special Committee of the Board is also conducting an investigation into alleged misconduct by Vince McMahon and John Laurinaitis, head of talent relations.
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,” states the WWE.
Back in May, Stephanie McMahon, Vince’s daughter and the chief brand officer of the WWE, announced that she was taking a leave of absence from the company.