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WWE Chairman and CEO Vince McMahon speaks at a information convention asserting the WWE Community on the 2014 Worldwide CES in Las Vegas.
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WWE CEO and Chairman Vince McMahon is stepping again from his duties as the corporate’s board investigates alleged misconduct by the chief, the corporate introduced Friday.
The announcement of the transfer and the particular board committee probe comes two days after The Wall Road Journal reported that the WWE board was trying into McMahon for paying a former worker $3 million to maintain her quiet about an alleged affair between the 2 of them.
The report mentioned the probe additionally dug up earlier nondisclosure agreements with former feminine WWE staff who alleged misconduct in opposition to McMahon and one other government, John Laurinaitis, who used to wrestle below the title Johnny Ace. The board’s investigation started in April, the WSJ had reported.
“I’ve pledged my full cooperation to the investigation by the Particular Committee, and I’ll do every thing doable to help 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 response to the discharge.
McMahon’s daughter, Stephanie McMahon, will take over as interim CEO and chairwoman. Stephanie McMahon mentioned in Could that she was pulling again from the majority of her duties as a WWE government to spend extra time together with her household.
“I like this firm and am dedicated to working with the Impartial Administrators to strengthen our tradition and our Firm; this can be very necessary to me that we have now a secure and collaborative office,” Stephanie McMahon mentioned within the launch. “I’ve dedicated to doing every thing in my energy to assist the Particular Committee full its work, together with marshaling the cooperation of your 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 Firm and the Board don’t count on 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 top of the Small Enterprise Administration below then-President Donald Trump, a WWE Corridor of Famer.
Whereas the WWE is a publicly traded firm, McMahon, a flamboyant government who has routinely acted out wrestling drama storylines in entrance of the digital camera, 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 mum or dad firm of CNBC.
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