Vince McMahon quits WWE amid misconduct investigation
Vince McMahon, a longtime World Wrestling Entertainment executive who has steered professional wrestling from a secondary curiosity to a mainstream phenomenon, has stepped down as chairman and CEO while the company’s board investigates. on allegations of misconduct against him, the company announced on Friday.
Stephanie McMahon, her daughter, will take over as CEO and interim president, the company said in a statement. Mr. McMahon will remain involved with WWE’s creative content and “remains committed to cooperating with the ongoing review,” the company said.
“I have pledged my full cooperation with the Special Committee’s investigation, and I will do my best to support the investigation,” McMahon said in a statement. “I am also committed to accepting the findings and results of the investigation, whatever they may be.”
On Wednesday, The Wall Street Journal reported that Mr. McMahon had agreed to pay a secret $3 million settlement to an employee he allegedly had an affair with, which the council had been investigating since April. The investigation uncovered other nondisclosure agreements involving allegations of misconduct by Mr. McMahon, the Journal reported.
A lawyer for Mr. McMahon told the Journal that the employee made no allegations of harassment against Mr. McMahon and that he used personal funds to pay the settlement.