Wrestling: under investigation, Vince McMahon resigns from the presidency of WWE

Friday, 17 June 2022. 10:03

Vince McMahon has resigned as WWE Chairman and General Manager amid a misconduct investigation.

McMahon will continue to oversee the creative content of the popular professional wrestling circuit during the investigation, World Wrestling Entertainment said Friday. McMahon’s daughter, Stephanie, was named interim president and CEO.

Le Wall Street Journal recently reported that WWE’s Board of Directors is investigating a $3 million deal McMahon gave as compensation for his departure to an employee with whom he allegedly had a consensual affair.

“I have pledged my full cooperation with the investigation by the special committee. I also promised to accept the findings of the investigation, regardless of their nature,” McMahon said in a statement.

The employee, hired in 2019 as a paralegal, signed a separation agreement in January that bars her from discussing her relationship with McMahon or disparaging him, the report reported. Wall Street Journal.

The board of directors began its investigation in April and uncovered other, older, nondisclosure agreements involving complaints from former WWE employees of inappropriate actions by McMahon and John Laurinaitis, manager. talent relationships, reported the Wall Street Journal.

In addition to investigating the behaviors of McMahon and Laurinaitis, WWE has promised to cooperate with a third party to also review its compliance program, its human resources department and the general culture within the company.

Shares of Stamford, Connecticut-based World Wrestling Entertainment Inc. slid 4% before market open Friday.

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