World Wrestling Entertainment Chairman and CEO Vince McMahon is stepping again from his duties as the corporate’s board investigates alleged misconduct by the chief, however he’ll stay a predominant inventive drive behind WWE’s content material, the corporate introduced Friday.
Hours after the announcement, the WWE tweeted that McMahon would seem stay on the corporate’s “Smackdown” present Friday night time on Fox. He will tackle the controversy, however achieve this in character as his historically ruthless “Mr. McMahon” position, in accordance with an individual acquainted with the matter who declined to be named.
WWE writers have been working Friday to alter the script for “Smackdown,” which had been accomplished earlier this week, the particular person added.
The announcement of the chief shakeup and a particular board committee probe comes two days after The Wall Street Journal reported that the WWE board was wanting into McMahon for paying a former worker $3 million to maintain her quiet about an alleged affair between the 2 of them.
WWE Chairman and CEO Vince McMahon speaks at a information convention asserting the WWE Network on the 2014 International CES in Las Vegas.
Getty Images
The report mentioned the probe additionally dug up earlier nondisclosure agreements with former feminine WWE staff who alleged misconduct by McMahon and one other govt, John Laurinaitis, who used to wrestle beneath the identify Johnny Ace. The board’s investigation started in April, the Journal had reported.
“I’ve pledged my full cooperation to the investigation by the Special Committee, and I’ll do all the pieces potential to assist the investigation,” McMahon mentioned in a press launch Friday. “I’ve additionally pledged to simply accept the findings and end result of the investigation, no matter they’re.”
McMahon will stay concerned within the wrestling media firm’s inventive content material, in accordance with the discharge.
The CEO position is staying within the household. McMahon’s daughter, Stephanie McMahon, will take over as interim chairwoman and CEO. Stephanie McMahon mentioned in May that she was pulling again from the majority of her duties as a WWE govt to spend extra time along with her household. The appointment is a sign that the ability construction will not change at the same time as Vince McMahon steps again, in accordance with the particular person acquainted with the matter.
“I like this firm and am dedicated to working with the Independent Directors to strengthen our tradition and our Company; this can be very necessary to me that now we have a secure and collaborative office,” Stephanie McMahon mentioned within the launch. “I’ve dedicated to doing all the pieces in my energy to assist the Special Committee full its work, together with marshaling the cooperation of the complete firm to help within the completion of the investigation and to implement its findings.”
The announcement did not point out whether or not Laurinaitis, the corporate’s head of expertise relations, would additionally step away from his duties whereas the investigation unfolds. The WWE did not instantly reply to a request for additional remark. In its launch, the WWE mentioned, “The Company and the Board don’t anticipate to have additional remark till the investigation is concluded.”
Vince McMahon, 76, is married to Linda McMahon, a former CEO of the wrestling firm who labored as the pinnacle of the Small Business Administration beneath then-President Donald Trump, a WWE Hall of Famer.
While the WWE is a publicly traded firm, McMahon, a flamboyant govt who has routinely acted out wrestling drama storylines in entrance of the digicam, is successfully the controlling shareholder. He purchased the corporate from his father 40 years in the past and has orchestrated its progress into a world, arena-packing model that has media partnerships with Fox, Hulu and NBCUniversal’s Peacock, amongst others.
Disclosure: NBCUniversal is the mother or father firm of CNBC.