WWE's CEO Vince McMahon (76) and WWE's head of talent relationships John Laurinaitis (59) are being “investigated for alleged misconduct.
According to the Hollywood reporter, McMahon the wrestling mogul has 'voluntarily stepped back' from his CEO and Chairman Roles at the company.
McMahon's own company board is investigating a $3 million payment said to have been made by him to a former employee of the company in return for them signing a non-disclosure agreement.
According to the Wall Street Journal, the agreement was made in January and prevents the worker from discussing their relationship.
On Friday, the WWE confirmed: "The Board of Directors today announced that a Special Committee of the Board is investigating alleged misconduct by its Chairman and CEO Vincent McMahon and John Laurinaitis, head of talent relations.
Until the conclusion of the investigation into recent allegations, I am honored to assume the role of interim Chairwoman & CEO. I love @WWE and all it continues to do to entertain billions around the world. https://t.co/E2MushpoSG
— Stephanie McMahon (@StephMcMahon) June 17, 2022
"Effective immediately, McMahon has voluntarily stepped back from his responsibilities as CEO and Chairman of the Board until the conclusion of the investigation. McMahon will retain his role and responsibilities related to WWE’s creative content during this period and remains committed to cooperating with the review underway."
The statement also read: "WWE and its Board of Directors take all allegations of misconduct very seriously," they added. McMahon himself, who has been embroiled in a string of controversies and lawsuits during his time with WWE, was also quoted in the statement.
“I have pledged my complete cooperation to the investigation by the Special Committee, and I will do everything possible to support the investigation," he said. "I have also pledged to accept the findings and outcome of the investigation, whatever they are."
Stephanie McMahon his daughter has assumed her father's roles at the top of the company
She said: 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.
McMahon has a net worth of $2.4bn, bought the WWF, formerly known as the WWWF, from his father, Vince McMahon Snr, in 1982 and has been in power ever since.
