WWE CEO Vince McMahon steps down after company investigates alleged misconduct
WWE CEO Vince McMahon: WWE and its board of directors announced Friday that World Wrestling Entertainment CEO Vince McMahon is moving away from the wrestling company’s business as he investigates alleged money payments to cover up sexual abuse.
McMahon ran the company for 40 years after taking over his father in 1982, known as the World Wrestling Federation. During the investigation, the company announced that they would still be in control of WWE’s creative output and that they would appear on Friday night’s SmackDown episode.
The Wall Street Journal reported on Wednesday that the board is investigating a $ 3 million payment to a woman to cover up a consensual relationship between a WWE Paralegal and McMahon, who has previously been accused of sexual misconduct.
The newspaper reports that the board’s investigation has revealed several other undisclosed deals with other malpractice claims against McMahon and Talent Relations chief John Laurinaitis from women who worked for WWE.
Chief Brand Officer Stephanie McMahon, the daughter of Vince McMahon and WWE executives since 2006, will take over as CEO and chair of the board of directors in her absence.
In addition to investigating allegations against McMahon and laryngitis, the company said it would hire an outside company to review the company’s human resources division and overall culture.
The McMahon family has been wrestling for more than a hundred years, and Vince McMahon regularly makes himself and his children a villain in WWE’s wrestling storyline. With the discontinuation of the World Championship Wrestling in 2001, the company became a monopoly of the industry.
It has made the family billionaires, and they’ve used that money to get into Republican politics, including two unsuccessful runs for Vince’s wife, Linda McMahon. He also served as head of the Small Business Administration for two years under former President Donald Trump.