McMahon steps down as WWE CEO
June 17, 2022
Vince McMahon has stepped back from his role as CEO of entertainment juggernaut WWE effectively immediately.
It has been announced that the WWE Chairman has voluntarily withdrawn from all responsibilities as CEO and Chairman of the Board in the wake of a scandal reported by the WSJ that alleges he paid a $3 million (€2.8m) settlement to a former employee with whom he had previously had an affair. He will, however, retain his role and responsibilities related to WWE’s creative, and will appear on SmackDown tonight at 1am live on BT Sport in the UK.
“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,” said Vince McMahon.
The Special Committee has appointed his daugther Stephanie McMahon, former WWE Chief Brand Officer, to serve as interim CEO and interim Chairwoman.
“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. 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,” commented Stephanie McMahon.
Meanwhile, Vince McMahon will also reportedly undergo a jury trial next month after a lawsuit was brought against him regarding the sale of the XFL.
Vince McMahon is the subject of a Netflix docu-series that is currently in production.