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Vince McMahon will step aside from his duties as CEO pending a WWE Board investigation into misconduct around hush money payments to a former employee. Stephanie McMahon will serve as interim CEO and Chairwoman for WWE in his absence.
In a WWE and Board of Directors joint release, the news was revealed that Vince McMahon stepped aside voluntarily and that he would remain cooperative with the special investigation. He will also remain in place as the head of creative for the company.
“I have pledged my complete cooperation to the investigation by the Special Committee, and I will do everything possible to support the investigation,” Mr. McMahon said. “I have also pledged to accept the findings and outcome of the investigation, whatever they are.”
“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 Ms. McMahon.
John Laurinaitis, who was also named in the misconduct report by the Wall Street Journal, has stepped aside as well. The full joint release from the company is here.