The CEO of the world’s most popular wrestling franchise is temporarily stepping down days after it was revealed the organization was investigating allegations of hush money being spent to cover up an affair.
WWE CEO Vince McMahon will be stepping down from his role effective immediately, and his daughter Stephanie will step in as interim CEO, the World Wrestling Entertainment’s board of directors announced Friday, just days after reports emerged that the WWE was investigating a $3 million settlement he allegedly paid a female former employee with whom he had an affair.
“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,” Vince McMahon said in a press statement.
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Stephanie McMahon also affirmed her commitment to aiding the investigation.
“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 said.
The board first learned of the agreement from a series of anonymous emails, beginning March 30, sent by a person claiming to know the employee and alleging the woman began with a starting salary of $100,000 at the company, which was raised to $200,000 after a sexual relationship allegedly began with McMahon.
The employee started as a paralegal for the company before becoming an assistant to the WWE’s talent executive, John Laurinaitis, sources told the Wall Street Journal. The relationship with McMahon was consensual, and the company is cooperating fully with the investigation, a spokesperson for the WWE said.
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The agreement is part of an investigation the board opened in April into other nondisclosure agreements, which total millions of dollars and involve complaints from former employees accusing McMahon and Laurinaitis of misconduct, the outlet reported.
Vince McMahon is still scheduled to open WWE’s SmackDown on Friday, the wrestling company said.
