August 7, 2022

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Vince McMahon is stepping except for his function as CEO and chairman of World Wrestling...

Vince McMahon is stepping except for his function as CEO and chairman of World Wrestling Leisure throughout an investigation right into a report that he agreed to pay hush money to a former employee over an alleged affair, the corporate introduced Friday.

WWE stated in a launch {that a} “Particular Committee of the Board is conducting an investigation into alleged misconduct by its Chairman and CEO Vincent McMahon and John Laurinaitis, head of expertise relations, and that, efficient instantly, McMahon has voluntarily stepped again from his duties as CEO and Chairman of the Board till the conclusion of the investigation.”

McMahon is cooperating with the inquiry, WWE stated, and can “retain his function and duties associated to WWE’s inventive content material throughout this era.”

“I’ve pledged my full cooperation to the investigation by the Particular Committee, and I’ll do every part attainable to assist the investigation. I’ve additionally pledged to simply accept the findings and final result of the investigation, no matter they’re,” McMahon stated in a press release.

McMahon’s daughter, Stephanie, will function the interim CEO and chairwoman, WWE stated.

Friday’s transfer follows a Wall Street Journal report Wednesday that McMahon agreed to a secret $three million settlement with the previous worker, who was employed as a paralegal in 2019. The separation settlement, which was signed in January, is supposed to forestall the girl from discussing her relationship with McMahon or making disparaging feedback about him, in keeping with the Journal. The report, citing paperwork and the accounts of individuals aware of the inquiry, stated an investigation started in April and has uncovered different nondisclosure agreements through the years involving misconduct claims from former workers in opposition to McMahon and Laurinaitis.

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In its launch, WWE stated no additional remark was anticipated till the investigation was accomplished. The corporate didn’t specify the allegations in opposition to McMahon. WWE additionally stated the corporate and its particular committee would work with an unbiased third occasion to carry out a complete evaluation of its compliance program, HR operate and general tradition.

McMahon purchased the then-World Wrestling Federation from his father, Vincent J. McMahon, in 1982 and constructed the corporate into a worldwide wrestling powerhouse and media conglomerate that has produced crossover stars reminiscent of Hulk Hogan, The Rock, Stone Chilly Steve Austin and John Cena.

WWE is a publicly traded firm, however McMahon nonetheless holds a majority of the shareholders’ voting energy. Shares of the corporate slid 4% earlier than the opening bell Friday.

Info from ESPN’s Marc Raimondi and The Related Press was used on this report.