Vince McMahon Steps Aside As Chairman, CEO Of WWE

STAMFORD, CT — Vince McMahon, the longtime CEO and chairman of World Wrestling Entertainment Inc., is stepping aside from his role effective immediately, the WWE said Friday.

The news comes on the heels of a Wall Street Journal report this week that the WWE's board is investigating McMahon for "a secret $3 million settlement" he agreed to pay to a former employee "with whom he allegedly had an affair."

McMahon's daughter, Stephanie, who recently announced a leave of absence from the Stamford-based company, will be named interim CEO and chairwoman.

On Friday morning, WWE and its board of directors released a joint statement formally announcing the launch of a special committee and an investigation into misconduct by McMahon and John Laurinaitis, WWE's general manager of talent relations.

"McMahon has voluntarily stepped back from his responsibilities as CEO and Chairman of the Board until the conclusion of the investigation," the joint statement said. "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."

McMahon said in the statement he pledged complete cooperation with the investigation by the special committee.

"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," McMahon added.

The independent directors of the board engaged independent legal counsel to assist with an independent review, the WWE said. The company also said 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.

"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," Stephanie McMahon said in the joint statement. "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."

On Wednesday, the Wall Street Journal reported that McMahon paid a former employee $3 million as part of a secret settlement.

An agreement with the woman, who was hired as a paralegal in 2019, was reached in January the WSJ said, noting that the deal prohibits the woman "from discussing her relationship with Mr. McMahon or disparaging him."

A WWE spokesperson told the WSJ the relationship between McMahon and the former employee was "consensual," and that the company is cooperating with the board's inquiry.

Older nondisclosure agreements involving claims from former WWE employees of misconduct by McMahon and John Laurinaitis, WWE's general manager of talent relations, were discovered, the WSJ reported.

WWE said Friday it will not comment further until the investigation is complete.

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