Vince McMahon is the face, driving force, and the most important person at the WWE. The larger-than-life iconic CEO and Chairman is caught up in a bit of a scandal that is forcing him to step back from his duties of running the company.
His board of directors ordered an investigation to see if there was any misconduct by McMahon after the Wall Street Journal reported McMahon paid a former employee $3 million to keep quiet about an alleged affair the two had.
The board is interested in finding out if there is a history of misconduct involving the boss. The WSJ reported previous nondisclosure agreements with other female employees who alleged misconduct. The board has reportedly been conducting its investigation for two months.
McMahon will still play a significant role in the scripted content of the WWE, but he’s taking a break from running the business side while the investigation plays out.
Here’s an excerpt from a press release distributed by the WWE.
“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 takes over as interim CEO.
Vince McMahon purchased the company from his father in the early 1980s and has grown it into a publicly-traded behemoth.