WWE: Vince McMahon steps down as Chairman after sexual misconduct allegations; Stephanie takes over

The pro-wrestling world was shocked after allegations of sexual misconduct against World Wrestling Entertainment (WWE) Chairman Vince McMahon over a former employee. Earlier, a Wall Street Journal report had claimed that Vince had made an undisclosed $3 million payment to the ex-employee to maintain her silence over the matter. At the same time, an e-mail from WWE stated that the employee was offered to WWE’s Head of Talent Relations, John Laurinaitis, as a toy. As a result, the WWE Board has opened an investigation into the same. While Vince has stepped down from his role, for now, his daughter Stephanie is taking over the position on an interim basis.

WWE released an official statement on the same that read, “WWE and the Board of Directors today announced that a Special Committee of the Board is conducting an investigation into alleged misconduct by its Chairman and CEO Vincent McMahon and John Laurinaitis, head of talent relations, and that, 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.”

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“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. The Company and the Board do not expect to have further comment until the investigation is concluded,” it added.

Meanwhile, McMahon 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. I have also pledged to accept the findings and outcome of the investigation, whatever they are.”

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