Vince McMahon, a longtime govt for World Wrestling Leisure who led skilled wrestling from a sideshow curiosity right into a mainstream phenomenon, has stepped down as chairman and chief govt whereas the corporate’s board investigates allegations of misconduct in opposition to him, the corporate stated on Friday.
Stephanie McMahon, his daughter, will take over as interim chief govt and chairwoman, the corporate stated in an announcement. Mr. McMahon will stay concerned with W.W.E.’s artistic content material and “stays dedicated to cooperating with the overview underway,” the corporate stated.
“I’ve pledged my full cooperation to the investigation by the Particular Committee, and I’ll do every thing doable to assist the investigation,” Mr. McMahon stated in an announcement. “I’ve additionally pledged to simply accept the findings and final result of the investigation, no matter they’re.”
Mr. McMahon briefly appeared on “Friday Night time SmackDown” at the start of the present. He stepped into the ring to applause.
“I’m right here merely to remind you of the 4 phrases we simply noticed,” Mr. McMahon informed the group, referring to the W.W.E. signature at the start of the published. “These 4 phrases are ‘then, now, endlessly,’ and crucial phrase is ‘collectively.’ Welcome to SmackDown.”
Mr. McMahon then dropped a microphone and stepped out of the ring, high-fiving followers as he left.
On Wednesday, The Wall Street Journal reported that Mr. McMahon agreed to pay a secret $3 million settlement to an worker with whom he was stated to have had an affair, and that the board had been investigating since April. The investigation unearthed different nondisclosure agreements involving claims of misconduct by Mr. McMahon, The Journal reported.
A lawyer for Mr. McMahon informed The Journal that the worker had not made any claims of harassment in opposition to Mr. McMahon and that he used private funds to pay the settlement.
Removed from an nameless govt, Mr. McMahon is among the many most recognizable faces {of professional} wrestling, adopting a swagger-filled public persona who is usually on the middle of the on-screen motion. Since taking on his father’s wrestling firm in 1982, Mr. McMahon has presided over its ascent right into a cultural big, with greater than $1 billion in income in 2021. W.W.E’s applications are aired in 30 languages and are distributed by way of NBCUniversal and Fox Sports activities, amongst others.
The corporate stated it had employed unbiased authorized counsel to conduct the investigation, and would additionally work with an unbiased group to overview the corporate’s compliance program, human assets operate and total tradition.
Jesus Jiménez contributed reporting.
