Vince McMahon steps back from WWE CEO role amid alleged misconduct investigation; Stephanie McMahon takes over

Amid Vince McMahon's alleged misconduct investigation, WWE and its Board of Directors revealed in a statement, "The Special Committee has appointed Stephanie McMahon to serve as interim CEO and interim Chairwoman."

Updated on Jun 21, 2022 04:26 PM IST  |  426.9K
Vince McMahon WWE Steps Back
WWE is conducting an investigation into Vince McMahons alleged misconduct.
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In a shocking turn of events to rock the world of WWE, Vince McMahon has stepped back from his role as WWE CEO and Chairman of the Board, with Stephanie McMahon appointed as interim CEO and interim Chairman. This decision comes in lieu of an investigation underway into alleged misconduct by Vince McMahon and John Laurinaitis, Head of Talent Relations for WWE.

WWE and its Board of Directors jointly released a statement, on June 17, on WWE's corporate website regarding Vince McMahon's alleged misconduct. They stated, "WWE (NYSE: 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," and added, "The Special Committee has appointed Stephanie McMahon to serve as interim CEO and interim Chairwoman."

While Vince McMahon shared, "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," Stephanie McMahon tweeted, "Until the conclusion of the investigation into recent allegations, I am honored to assume the role of interim Chairwoman & CEO. I love @WWE and all it continues to do to entertain billions around the world."

For the unversed, as per The Wall Street Journal's exposé, WWE is investigating an alleged USD 3 million hush pact involving Vince McMahon. Vince allegedly paid the amount as settlement with a former employee, an ex-paralegal, he was allegedly having an affair with. WWE's spokesperson informed the publication that the relationship between the two was consensual, while Vince's attorney Jerry McDevitt wrote in a letter to The Wall Street Journal that "WWE did not pay any monies" to the ex-employee "on her departure." As per the publication, the board's investigation got its hands on other, older nondisclosure agreements which included claims by former female WWE employees of misconduct by McMahon and Laurinaitis.

Vince McMahon further left the WWE Universe baffled when he opened SmackDown Live this week with a brief promo, focusing on four words he deems as "our WWE signature": "Then, now, forever and the most important is together."

ALSO READ: Jon Moxley on WWE: The only problem I really had with anybody was Vince McMahon

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