WWE Chairman and CEO Vince McMahon speaks at a press conference revealing the WWE Network at the 2014 International CES in Las Vegas.
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WWE CEO and Chairman Vince McMahon is going back from his responsibilities as the business’s board examines supposed misbehavior by the executive, the business revealed Friday.
The statement of the relocation and the unique board committee probe comes 2 days after The Wall Street Journal reported that the WWE board was checking out McMahon for paying a previous staff member $3 million to keep her peaceful about a supposed affair in between the 2 of them.
The report stated the probe likewise collected previous nondisclosure arrangements with previous female WWE workers who declared misbehavior versus McMahon and another executive, John Laurinaitis, who utilized to battle under the name JohnnyAce The board’s examination started in April, the WSJ had actually reported.
“I have pledged my complete cooperation to the investigation by the Special Committee, and I will do everything possible to support the investigation,” McMahon stated in a news releaseFriday “I have also pledged to accept the findings and outcome of the investigation, whatever they are.”
McMahon will stay associated with the wrestling-media business’s imaginative material, according to the release.
McMahon’s child, Stephanie McMahon, will take control of as interim CEO and chairwoman. Stephanie McMahon stated in May that she was drawing back from the bulk of her responsibilities as a WWE executive to invest more time with her household.
“I love this company and am committed to working with the Independent Directors to strengthen our culture and our Company; it is extremely important to me that we have a safe and collaborative workplace,” Stephanie McMahon stated in the release. “I have committed to doing everything in my power to help the Special Committee complete its work, including marshaling the cooperation of the entire company to assist in the completion of the investigation and to implement its findings.”
The statement didn’t discuss whether Laurinaitis, the business’s head of skill relations, would likewise step far from his responsibilities while the examination unfolds. The WWE didn’t right away react to an ask for more remark. In its release, the WWE stated: “The Company and the Board do not expect to have further comment until the investigation is concluded.”
Vince McMahon, 76, is wed to Linda McMahon, a previous CEO of the battling business who worked as the head of the Small Business Administration under then-President Donald Trump, a WWE Hall of Famer.
While the WWE is an openly traded business, McMahon, a flamboyant executive who has actually regularly acted out battling drama stories in front of the cam, is efficiently the managing investor. He purchased the business from his dad 40 years earlier and has actually managed its development into an international, arena-packing brand name that has media collaborations with Fox, Hulu and NBCUniversal’s Peacock, to name a few.
Disclosure: NBCUniversal is the moms and dad business of CNBC.
