McMahon will continue to oversee WWE’s creative content
during the investigation, World Wrestling Entertainment said Friday, and named
McMahon’s daughter, Stephanie, as interim CEO and chairwoman.
Vince McMahon will appear on its live show “SmackDown” later
Friday, WWE said on Twitter after it announced the changes in leadership.
The Wall Street Journal reported Wednesday that WWE was
investigating an alleged $3 million payment from McMahon to a departing female
employee 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 said in a prepared statement Friday. “I have also
pledged to accept the findings and outcome of the investigation, whatever they
are.”
The employee, hired as a paralegal in 2019, has a separation
agreement from January that prevents her from discussing her relationship with
McMahon or disparaging him, the Journal reported.
The board’s investigation, which started in April, found
other, older nondisclosure agreements involving claims by former female WWE
employees of misconduct by McMahon and John Laurinaitis, the head of talent
relations at WWE, the Journal reported.
The WWE is also investigating actions by Laurinaitis.
Outside of the investigation, WWE said Friday that the
company and its special committee will work with an independent third-party to
perform a comprehensive review of the work environment at the organization.
Vince McMahon has been the leader and most recognizable face
at WWE for decades.
When he purchased what was then the World Wrestling
Federation, from his father in 1982, wrestling matches took place at small
venues and appeared on local cable channels.
WWE matches are now held in professional sports stadiums it
the organization has a sizeable overseas following. It has a broadcast
partnership with Saudia Arabian media company MBC Group and performs one to two
live pay-per-view shows in Saudi Arabia each year.
The organization underwent a seismic transformation under
McMahon with events like WrestleMania, a premium live production that draws
millions of fervent viewers.
Revenue last year exceeded $1 billion for the first time and
the company has television deals with Fox and NBCUniversal. Last month it
announced a multi-year expansion of its original programming partnership with
A&E.
WWE stars have become crossover sensations, including Hulk
Hogan, Dwayne “The Rock” Johnson, “Stone Cold” Steve Austin and John Cena.
Stephanie McMahon, who will take over at least temporarily
as the leader of WWE, announced last month that she was taking a leave of
absence from the most of her responsibilities at the organization. She had been
serving as the company’s chief brand officer.
Her husband, Paul Levesque, who wrestled under the name
Triple H, announced in March that he was retiring from wrestling due to a heart
condition. Levesque serves as WWE’s executive vice president of strategy and
development.
“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 in a statement.
Shares of World Wrestling Entertainment Inc., based in
Stamford, Connecticut, slid 3% Friday.