Vince McMahon Steps Down, Stephanie McMahon Named Interim WWE CEO & Chairwoman

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WWE has undergone arguably its biggest displacement successful powerfulness successful decades contiguous with the announcement of Stephanie McMahon arsenic Interim CEO.

McMahon, who announced past period that she would beryllium taking a interruption from WWE duties, was appointed pursuing the announced probe into her begetter Vince McMahon.

McMahon is alleged to person arranged a $3 cardinal hush-money outgo to a paralegal it is claimed helium had an matter with.

The connection from WWE Corporate is arsenic follows:

STAMFORD, Conn.–(BUSINESS WIRE)– WWE and its Board of Directors jointly released the pursuing connection today:

Independent directors proceed reappraisal of alleged enforcement misconduct

Stephanie McMahon named interim CEO and interim Chairwoman

Stamford, Conn. – WWE (NYSE: WWE) and the Board of Directors contiguous announced that a Special Committee of the Board is conducting an probe into alleged misconduct by its Chairman and CEO Vincent McMahon and John Laurinaitis, caput of endowment relations, and that, effectual immediately, McMahon has voluntarily stepped backmost from his responsibilities arsenic CEO and Chairman of the Board until the decision of the investigation. McMahon volition clasp his relation and responsibilities related to WWE’s originative contented during this play and remains committed to cooperating with the reappraisal underway.

The Special Committee has appointed Stephanie McMahon to service arsenic interim CEO and interim Chairwoman.

“I person pledged my implicit practice to the probe by the Special Committee, and I volition bash everything imaginable to enactment the investigation. I person besides pledged to judge the findings and result of the investigation, immoderate they are,” said Mr. McMahon.

“I emotion this institution and americium committed to moving with the Independent Directors to fortify our civilization and our Company; it is highly important to maine that we person a harmless and collaborative workplace. I person committed to doing everything successful my powerfulness to assistance the Special Committee implicit its work, including marshaling the practice of the full institution to assistance successful the completion of the probe and to instrumentality its findings,” said Ms. McMahon.

WWE and its Board of Directors instrumentality each allegations of misconduct precise seriously. The Independent Directors of the Board engaged autarkic ineligible counsel to assistance them with an autarkic review. In addition, the Special Committee and WWE volition enactment with an autarkic third-party to behaviour a broad reappraisal of the company’s compliance program, HR relation and wide culture.

The Company and the Board bash not expect to person further remark until the probe is concluded