WWE CEO Vince McMahon Stepping Down Amid Sexual Harassment Hush-Money Investigation
As the the public face of the organization, McMahon will continue to oversee creative content throughout the investigation, said World Wrestling Entertainment on Friday.
Stephanie McMahon, daughter of Vince, will be interim CEO and chairwoman for the time being. She had been serving as the company’s chief brand officer prior to taking the temporary position.
WWE has been investigating an alleged $3 million payment from McMahon to a female employee after having an affair.
Since it began in April, the investigation has found other nondisclosure agreements for other female WWE employees due to misconduct by McMahon and John Laurinaitis, head of talent relations, who is also being investigated.
“I have pledged my complete cooperation to the investigation by the special committee, and I will do everything possible to support the investigation,” McMahon said in a prepared statement Friday.
McMahon has been the face of the organization since he purchased the franchise from his father in 1982. Since taking charge, the organization’s events are now held in professional stadiums, grown a hefty international following, and created WrestleMania, which draws in millions of eager watchers.
The company’s revenue last year was well over $1 billion, with deals with Fox and NBCUniversal and just recently announced a multi-year agreement with A&E.
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