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Vince McMahon Steps Down As WWE CEO And Chairman

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(CTN News) –  Vince McMahon stepped down from his role as CEO and Chairman of the board of WWE on Friday. Stephanie McMahon has been appointed interim CEO and Chairwoman by a Special Committee. McMahon allegedly paid $3 million to a former employee with whom he had an affair earlier this month. WWE’s board is investigating the matter.

“WWE and the Board of Directors announced today that a Special Committee of the Board is conducting an investigation into allegations of misconduct by its Chairman and CEO Vincent McMahon and John Laurinaitis, head of talent relations.

Effective immediately, The Special Committee has appointed Stephanie McMahon to serve as interim CEO and interim Chairwoman while the review is underway. McMahon will retain his role and responsibilities related to WWE’s creative content during this time.

Vince McMahon’s statement on allegations

WWE’s official website reports that McMahon pledged to work with the Special Committee that is investigating the matter. McMahon said he will do everything he can to support the investigation. McMahon said he will accept the findings and outcome of the investigation.

“I have pledged my full cooperation to the investigation of the Special Committee, and I will do everything I can to support the investigation. I have also committed to accepting the findings of the investigation, whatever they may be,”

McMahon said in a statement. I 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 will do everything in my power to assist the Special Committee in completing its task, including marshaling the company’s cooperation to assist in the completion of the investigation and to implement its decisions,” McMahon said.

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