Vince McMahon has resigned from his role as CEO and president of World Wrestling Entertainment during an investigation into a report in which he agreed to pay a former employee money for an alleged affair, the company said on Friday.
WWE said in a statement that a “special board committee is conducting an investigation into the alleged misconduct of its chairman and CEO Vincent McMahon and John Laurinaitis, head of talent relations, and that effective immediately, McMahon has voluntarily resigned from his duties as CEO and board chairman until.” to complete the investigation.”
McMahon is cooperating with the investigation, WWE said, and “will maintain his role and responsibility regarding creative WWE content during this time.” He is also scheduled to appear on “SmackDown” on Friday, WWE announced.
“I have pledged to fully cooperate with the Special Committee’s investigation and will do my best to assist in the investigation. I have also pledged to accept the findings and outcome of the investigation, whatever it may be,” McMahon said in a statement.
McMahon’s daughter Stephanie will serve as CEO and interim president, WWE said. She announced last month that she would be taking a leave of absence from most of her duties at the organization; She had served as the company’s brand director.
Friday’s move follows a Wall Street Journal report on Wednesday that McMahon agreed to a secret payment of $3 million with a former employee who was hired as a paralegal in 2019. The separation agreement, signed in January, is said to have been aimed at preventing the woman from discussing her relationship with McMahon or making derogatory comments about him, according to the Journal. The report, which cites documents and reports from people familiar with the investigation, says an investigation began in April and over the years has uncovered other confidentiality agreements related to allegations of misconduct by former employees against McMahon and Laurinaitis.
In the statement, WWE said no further comment is expected until the investigation is complete. The company did not provide any concrete information on the allegations against McMahon. WWE also said the company and its select committee would work with an independent third party to conduct a comprehensive review of its compliance program, people function and overall culture.
McMahon bought what was then the World Wrestling Federation from his father Vincent J. McMahon in 1982 and grew the company into a global wrestling powerhouse and media conglomerate that has produced stars such as Hulk Hogan, The Rock, Stone Cold Steve Austin and John. Dinner.
Information provided by ESPN’s Marc Raimondi and The Associated Press was used in this report.