Following the report from The Wall Street Journal regarding an investigation conducted by WWE’s Board of Directors into a $3 million “hush pact” agreed by CEO & Chairman Vince McMahon with a former female employee in regards to an alleged affair, WWE and its Board of Directors have now released an official statement.
The statement officially confirmed that a Special Committee of the Board are indeed conducting an investigation into alleged misconduct by both Vince McMahon and John Laurinaitis.
The statement then confirms that Vince McMahon will be temporarily stepping down from his roles as CEO and Chairman of WWE until the conclusion of the investigation, although McMahon will remain involved in the creative processes regarding the on screen product.
“Vince McMahon has voluntarily stepped back from his responsibilities as CEO and Chairman of the WWE 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.”-WWE Corporate
In his place, the statement revealed that the Special Committee has appointed Stephanie McMahon as the interim CEO and Chairwoman of WWE.
The statement then shares an official comment from Vince McMahon himself, pledging his cooperation to the ongoing investigation.
“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.
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,”-Vince McMahon
The statement then confirms that 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, a point highlighted by The Wall Street Journal’s original report.
Finally, it was noted that WWE and its Board of Directors do not expect to comment further until the conclusion of the investigation.