The sports entertainment world woke up to shocking news Friday morning as WWE Chairman and CEO Vince McMahon is voluntarily stepping down as Chairman and CEO amid an investigation involving McMahon and a former-WWE employee.
WWE’s Board of Directors released a statement following a report from the Wall Street Journal on Wednesday afternoon.
“I 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,” said McMahon.
Stephanie McMahon, daughter of Vince and Chief Brand Officer of WWE, announced that she is taking over as interim Chairwoman and CEO in her father’s absence. In May, Stephanie said she was taking a leave of absence from her position in the company to focus on her family.
According to the Wall Street Journal, the WWE’s Board of Directors started an investigation in April of this year when Vince was accused of paying a former WWE employee $3 million to not disclose information about an affair they had.
WWE’s Head of Talent Relations John Laurinaitis was also accused of being involved as well. The tipster also claimed the woman made $100,000 when she was hired, and then saw her salary double when she began a sexual relationship with Vince.
Despite the ongoing investigation, Vince will continue to handle all creative content for WWE and is even appearing on WWE’s weekly show, Friday Night Smackdown, on June 17.
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