Vince McMahon, the CEO and Chairman of the board of WWE has ‘‘voluntarily stepped back” from his responsibilities in light of recent revelations.
The 76-year-old is currently under investigation for alleged misconduct after the Wall Street Journal reported claims he had paid an ex-employee $3 million to keep quiet about an affair.
WWE Head of Talent Relations, John Laurinaitis has also been caught up in the alleged scandal.
McMahon, who bought the company from his father in 1982, will still retain his role within WWE TV, overseeing the company’s creative content.
Here’s everything you need to know about who Vince McMahon is and what has been alleged.
Who is Vince McMahon?
McMahon has been the chairman and CEO of WWE since 1982.
A third generation wrestling promoter, he grew up in North Carolina.
It was his father that created WWE, buying it in 1972 and transforming it into a global phenomenon.
WWE is broadcast in 150 countries around the world and in over 30 languages.
Its success has made McMahon a billionaire with a net worth of $2.4 billion according to Forbes.
McMahon has been married to his wife Linda since 1966 and the couple have two children, Shane and Stephanie who is married to professional wrestler Triple H.
Triple H retired from wrestling in 2022 and currently works as the executive vice president for Global Talent Strategy & Development of WWE.
Why is he stepping down?
McMahon is stepping down after allegations of misconduct, uncovered during an investigation by the Wall Street Journal.
WWE released a statement, which reads: “WWE and the Board of Directors today announced that a Special Committee of the Board is conducting an investigation into alleged misconduct by its Chairman and CEO Vincent McMahon and John Laurinaitis, head of talent relations, and that, effective immediately, McMahon has voluntarily stepped back from his responsibilities as CEO and Chairman of the Board until the conclusion of the investigation.
“McMahon will retain his role and responsibilities related to WWE’s creative content during this period and remains committed to cooperating with the review underway.”
McMahon commented briefly on the investigation saying: “I have also pledged to accept the findings and outcome of the investigation, whatever they are.”
What are the misconduct allegations?
The Wall Street Journal have reported claims McMahon made multi-million dollar payments to women he had allegedly had sexual relationships with.
One allegation included a former employee who left the company in 2022 after receiving a £3 million payment.
In a statement, WWE have said: “WWE and its board of directors take all allegations of misconduct very seriously.
“The independent directors of the board engaged independent legal counsel to assist them with an independent review. In addition, the special committee and WWE will work with an independent third-party to conduct a comprehensive review of the company’s compliance program, HR function and overall culture.”
They added that WWE “do not expect to have further comment until the investigation is concluded.”
Who will replace him?
Until the result of the investigation, WWE has appointed McMahon’s daughter to act as the interim CEO and Chairwoman.
Taking to Twitter to share the news, she tweeted: “Until the conclusion of the investigation into recent allegations, I am honored to assume the role of interim Chairwoman & CEO. I love @WWE and all it continues to do to entertain billions around the world.”