As allegations of misconduct by Vince McMahon are being investigated, the CEO and Chairman of WWE voluntarily resigned from his position. Stephanie McMahon, Vince’s daughter, will become interim CEO and chairman during the investigation. the company announced on Friday.
The investigation is centered on a $3 million silence payment from McMahon to a former employee with whom he allegedly had an affair. Wall Street Magazine She announced this on Wednesday, saying that the agreement to end the marriage with the former employee was signed in January. McMahon also allegedly raised an employee’s salary from $100,000 to $200,000 at the start of the affair, before handing the woman “like a toy” to WWE head of talent relations John Laurinaitis.
The report also states that the investigation uncovered other similar non-disclosure agreements with employees that had been entered into several years ago.
A WWE press release issued Friday morning stated that “McMahon will retain his role and responsibilities related to WWE creative content during this period and remains committed to working with the ongoing review.”
“I have pledged my full cooperation to the investigation being conducted by the special committee and will do my best to support the investigation,” McMahon said in a press release. “I also promised to accept the findings and results of the investigation, whatever they may be.”
WWE has announced that McMahon will appear on SmackDown tonight at 8:00 pm ET live on FOX.
McMahon has been Chairman of WWE since he bought the company, and then the WWF, from his father in 1982, turning the promotion from one of the many territories operating across the United States into the most powerful professional wrestling promotion in the world.
McMahon is currently a public company that controls the majority of voting shares.