Vince McMahon, 76-year-old CEO of WWE, has “voluntarily stepped back” from his roles as the company’s CEO and chairman.
The move comes just days after news surfaced that McMahon was being investigated by WWE board members because of an alleged affair with a former paralegal employed by the WWE from 2019 through 2022.
As OutKick’s Alejandro Avila detailed on Wednesday, the affair’s ending included the woman receiving “hush money.” Per Avila’s report, she eventually quit and reached a nondisclosure agreement with McMahon, paired with attorney Jerry Devitt, in January 2022. The pact was reported at $3 million total.
The WWE announced the move by press release this morning, saying in part: “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.”
McMahon’s daughter Stephanie, has been tabbed to serve as interim CEO and interim chairwoman.
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In response to allegations of his affair and the hush money that followed, Vince McMahon said the following: “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.”
Prior to announcing that they will not comment further until the investigation has concluded, the WWE released a statement: “WWE and its board of directors take all allegations of misconduct very seriously. The independent directors of the board engaged independent legal counsel to assist them with an independent review. In addition, the special committee and WWE will work with an independent third-party to conduct a comprehensive review of the company’s compliance program, HR function and overall culture.”
McMahon founded the WWE, previously known as the WWF, in the early 1980s. He and his wife Linda have been married since 1966.
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