Stamford-headquartered WWE has announced that Vince McMahon has “voluntarily stepped back from his responsibilities as CEO and chairman” while an investigation into his handling of secret payments to former female employees is underway.
Stephanie McMahon, the company”™s chief brand officer and daughter of Vince McMahon, was named interim CEO and interim chairman while the investigation is underway. Last month, Stephanie McMahon announced she was taking an indefinite leave of absence from the company to focus on her family.
“I love this company and am committed to working with the independent directors to strengthen our culture and our company,” said Stephanie McMahon in a statement issued this morning by WWE. “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.”
The statement also included a quote from Vince McMahon that 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.”
According to a Wall Street Journal report, the former employee who was hired as a paralegal in 2019 and left the company in January after signing a nondisclosure agreement that prohibits her from discussing her relationship with the 76-year-old McMahon. A preliminary probe has uncovered older and other nondisclosure agreements with former female employees regarding their relations with both McMahon and John Laurinaitis, the WWE”™s head of talent relations who previously performed under the name Johnny Ace.
