Vince McMahon has voluntarily stepped down as WWE’s CEO and Chairman. Let’s see why did Vince McMahon step down as WWE CEO.
Vince McMahon step down as WWE CEO
Vince McMahon has resigned as CEO and Chairman of WWE, citing an inquiry by the company’s board of directors into a $3 million deal he reached with a former employee to keep her silent about their romance.
The decision comes after The Wall Street Journal reported that McMahon and the ex-employee established a secret separation agreement that barred her from discussing their relationship in public or making derogatory remarks about him.
The board’s inquiry, which began in April, revealed numerous previous nondisclosure agreements over the years involving allegations of misbehavior against the 76-year-old and WWE’s head of talent relations, John Laurinaitis.
McMahon’s responsibilities will remain the same
In a statement, WWE said that a special committee is looking into the allegations against McMahon and Laurinaitis. According to the statement, the 76-year-old would relinquish his position as Chairman and CEO of the company until the investigation is completed. During that period, though, he will continue to be responsible for original content.
In a statement, McMahon addressed the situation and stated that he would fully cooperate with the investigation and accept the outcome.
“I have offered my complete cooperation to the Special Committee’s probe, and I will do everything in my power to assist the investigation.”
Mr. McMahon also stated, “I have vowed to accept the findings and outcome of the investigation, whatever they may be.”
Stephanie McMahon will take over as CEO in the interim
Stephanie McMahon stated, “I have committed to doing all in my power to assist the Special Committee in completing its job, including marshaling the whole company’s cooperation to assist in the completion of the inquiry and implementation of its findings.”
The extraordinary committee has nominated Stephanie McMahon as interim CEO and interim Chairwoman. In a statement, she stated that she would work with the independent directors to strengthen the company’s culture.
“I love our firm and am committed to working with the Independent Directors to develop our culture and our Company; having a safe and collaborative workplace is vitally essential to me.”
Is it due to the Investigation?
“During this time, McMahon will continue his role and responsibilities related to WWE’s creative content,” WWE said in a statement. “He remains committed to cooperating with the ongoing review.”
Stephanie McMahon was named interim CEO and interim Chairwoman by a special committee of the WWE Board of Directors.
“I have offered my full cooperation to the Special Committee’s probe, and I will do everything in my power to help the investigation.” In a statement, Mr. McMahon added, “I have also vowed to accept the findings and outcome of the investigation, whatever they may be.”
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