Vince McMahon out as WWE CEO after allegedly paying woman $3M in hush money

Jun 17 2022, 9:20 pm

Vince McMahon is under investigation and out as World Wrestling Entertainment’s CEO and chairman.

At least for now.

The news comes days after The Wall Street Journal first reported that WWE’s board was looking into a secret $3 million payment made to a female former employee who the 76-year-old allegedly had an affair with.

“The January 2022 separation agreement bars the now-former employee, who was hired as a paralegal in 2019, from discussing her relationship with Mr. McMahon or disparaging him,” The Wall Street Journal reported.

In a Friday media release, the WWE announced that a special committee of the board is conducting an investigation into “alleged misconduct” by both McMahon and John Laurinaitis, head of talent relations.

McMahon has “voluntarily stepped back from his responsibilities” as CEO and Chairman of the Board until the investigation has concluded. He’s keeping his hands on WWE’s “creative content,” however, and is set to appear on SmackDown tonight.

ā€œI 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,ā€ said McMahon.

McMahon’s daughter, Stephanie McMahon, has been appointed interim CEO and interim chairwoman.

ā€œI 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,” said Stephanie McMahon. “I have committed to doing everything in my power to help the Special Committee complete its work, including marshalling the cooperation of the entire company to assist in the completion of the investigation and to implement its findings.”

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