June 17, (THEWILL) – The CEO and chairman of World Wrestling Entertainment, Vince McMahon, the longstanding leader and public face of wrestling, is stepping down amid an inquiry into alleged misbehaviour.
During the inquiry, McMahon will continue to oversee WWE’s creative output, according to the company, which nominated McMahon’s daughter, Stephanie, as interim CEO and chairperson. WWE said on Twitter that Vince McMahon will appear on its live broadcast “SmackDown” later Friday, following the announcement of the organisation’s new leadership.
The WWE is looking into an alleged $3 million settlement paid by McMahon to a female employee following a consensual affair. In a prepared statement on Friday, McMahon said: “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.”
The employee, who worked as a paralegal in 2019, has a separation agreement in place since January that prohibits her from revealing her contact with McMahon or disparaging him. The board’s investigation, which began in April, uncovered additional, older nondisclosure agreements involving allegations of wrongdoing by McMahon and WWE’s head of talent relations, John Laurinaitis.