WWE CEO Vince McMahon to step aside amid misconduct investigation

World Wrestling Entertainment (WWE) CEO Vince McMahon is stepping down from his responsibilities leading the company while the board of directors investigates hush money allegations against him and others in the company. 

The WWE announced in a release on Friday that McMahon is voluntarily stepping back from his role as CEO and chairman of the board until the investigation concludes. A special committee of the board conducting the investigation appointed Stephanie McMahon, Vince McMahon’s daughter, as the interim CEO and interim chairwoman of the board.

The Wall Street Journal reported Wednesday that the board launched an investigation into McMahon in April, finding that McMahon paid $3 million of his own personal funds to a former employee to keep quiet about an affair they had. An anonymous email tip from a friend of the employee informed the company of the allegations and claimed the employee also had an affair with John Laurinaitis, the corporation’s head of talent relations, and signed a nondisclosure agreement over it.

“I have pledged my complete cooperation to the investigation by the Special Committee, and I will do everything possible to support the investigation,” Vince McMahon said in the release. “I have also pledged to accept the findings and outcome of the investigation, whatever they are.” 

The release states the board has brought in independent legal counsel to assist them with the investigation and will also work with an “independent third party” to review the company’s compliance program, human resources and overall culture. 

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

The release states the WWE and the board do not expect to issue further comment on the investigation until it is concluded.