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Vince McMahon steps aside as WWE CEO and Chairman during investigation

By Scott Rogust

LAS VEGAS, NV - JANUARY 08: WWE Chairman and CEO Vince McMahon speaks at a news conference announcing the WWE Network at the 2014 International CES at the Encore Theater at Wynn Las Vegas on January 8, 2014 in Las Vegas, Nevada. The network will launch on February 24, 2014 as the first-ever 24/7 streaming network, offering both scheduled programs and video on demand. The USD 9.99 per month subscription will include access to all 12 live WWE pay-per-view events each year. CES, the world's largest annual consumer technology trade show, runs through January 10 and is expected to feature 3,200 exhibitors showing off their latest products and services to about 150,000 attendees. (Photo by Ethan Miller/Getty Images)
LAS VEGAS, NV - JANUARY 08: WWE Chairman and CEO Vince McMahon speaks at a news conference announcing the WWE Network at the 2014 International CES at the Encore Theater at Wynn Las Vegas on January 8, 2014 in Las Vegas, Nevada. The network will launch on February 24, 2014 as the first-ever 24/7 streaming network, offering both scheduled programs and video on demand. The USD 9.99 per month subscription will include access to all 12 live WWE pay-per-view events each year. CES, the world's largest annual consumer technology trade show, runs through January 10 and is expected to feature 3,200 exhibitors showing off their latest products and services to about 150,000 attendees. (Photo by Ethan Miller/Getty Images) /
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Vince McMahon is stepping down as WWE CEO and Chairman as the company investigates allegations of a hush money payment.

On Friday, June 17, WWE released a statement announcing that Vince McMahon is stepping down as CEO and Chairman of the company during their investigation over allegations that he made a hush money payment to a now former employee, whom he had an alleged affair with. WWE’s head of talent relations, John Laurinaitis, is also a subject of the investigation.

Even though that McMahon is stepping aside, the statement reveals he will still retain his responsibilities in creative content.

“I have pledged my complete cooperation to the investigation by the Special Committee, and I will do everything possible to support the investigation. I have also pledged to accept the findings and outcome of the investigation, whatever they are,” said Mr. McMahon.

Vince McMahon steps aside as WWE CEO and Chairman

WWE also revealed that their Special Committee has named Stephanie McMahon as the interim CEO and Chairwoman during their investigation. Back on May 20, McMahon announced that she was stepping aside as chief brand officer and taking a leave of absence to focus on family.

“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. 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,” said Stephanie McMahon, via the statement.

The news came to light in a bombshell report by the Wall Street Journal, which alleged that Vince McMahon paid $3 million in a secret settlement to a former employee, who was hired as a paralegal in 2019. A separation agreement was signed this past January, where the employee can not talk about her relationship with McMahon. The internal investigation began in April.

We recommend clicking on the link in the paragraph above to read the full allegations made against McMahon and Laurinaitis.

WWE also announced that “Mr. McMahon” will appear during the broadcast of Friday Night SmackDown on June 17.

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