Vince McMahon will step down throughout WWE misconduct probe – Nationwide

Vince McMahon is stepping down as CEO and chairman of WWE throughout an an investigation into alleged misconduct involving the longtime chief and public face of the group.

McMahon will proceed to supervise WWE’s inventive content material in the course of the investigation, World Wrestling Entertainment mentioned Friday, and named McMahon’s daughter, Stephanie, as interim CEO and chairwoman.

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Vince McMahon will seem on its dwell present “SmackDown” later Friday, WWE mentioned on Twitter after it introduced the adjustments in management of the group.

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The Wall Street Journal reported Wednesday that WWE was investigating an alleged US$3-million settlement that McMahon paid to a departing feminine worker following a consensual affair.

“I have pledged my complete cooperation to the investigation by the special committee, and I will do everything possible to support the investigation,” McMahon mentioned in a ready assertion Friday. “I have also pledged to accept the findings and outcome of the investigation, whatever they are.”

The worker, employed as a paralegal in 2019, has a separation settlement from January that stops her from discussing her relationship with McMahon or disparaging him, the Journal reported.

The board’s investigation, which began in April, discovered different, older nondisclosure agreements involving claims by former feminine WWE workers of misconduct by McMahon and John Laurinaitis, the pinnacle of expertise relations at WWE, the Journal reported.

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Aside from the investigation into the alleged misconduct by McMahon and Laurinaitis, WWE mentioned that the corporate and its particular committee will work with an impartial third-party to carry out a complete assessment of the work setting on the group.

Vince McMahon has been the chief and most recognizable face at WWE for many years.

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When he bought the corporate, then the World Wrestling Federation, from his father in 1982, wrestling matches passed off at small venues and appeared on native cable channels.

The group underwent a seismic transformation beneath McMahon. He created WrestleMania, a premium dwell occasion that attracts thousands and thousands of fervent viewers.

Revenue final 12 months exceeded US$1-billion for the primary time.

WWE stars have grow to be crossover sensations, together with Hulk Hogan, Dwayne “The Rock” Johnson, “Stone Cold” Steve Austin and John Cena.

Stephanie McMahon, who will take over a minimum of quickly because the chief of WWE, introduced final month that she was taking a go away of absence from essentially the most of her obligations on the group. She had been serving as the corporate’s chief model officer.

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Her husband, Paul Levesque, who wrestled beneath the title Triple H, introduced in March that he was retiring from wrestling because of a coronary heart situation. Levesque serves as WWE’s government vp of technique and growth.

“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,” she mentioned in an announcement.

Shares of World Wrestling Entertainment Inc., primarily based in Stamford, Connecticut, slid lower than 1% on the opening bell Friday.

© 2022 The Canadian Press

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