Vince McMahon Steps Down as WWE CEO & Chairman, Stephanie McMahon Taking Over Both Roles

WWE has announced that Vince McMahon will be stepping down as CEO and Chairman of WWE, with Stephanie McMahon now set to take over both roles. According to WWE’s press release, Vince made this decision on his own and will “retain his role and responsibilities related to WWE’s creative content during this period and remains committed to cooperating with the review underway.”

“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,” said Mr. McMahon.

“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.

This news follows the bombshell Wall Street Journal story which alleges that Vince McMahon paid $3 million to a woman as part of a settlement for an affair he had with her while she worked at WWE. WWE has said that the relationship was consensual and that Vince used his own money to pay the settlement. The story also featured allegations against Head Of Talent Relations John Laurinaitis.

Stephanie McMahon took a leave of absence from her job as Chief Brand Officer of WWE last month.

The full press release is below.

STAMFORD, Conn.–(BUSINESS WIRE)– WWE and its Board of Directors jointly released the following statement today:

Independent directors continue review of alleged executive misconduct

Stephanie McMahon named interim CEO and interim Chairwoman

Stamford, Conn. – WWE (NYSE: 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.

The Special Committee has appointed Stephanie McMahon to serve as interim CEO and interim Chairwoman.

“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,” said Mr. McMahon.

“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.

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.

The Company and the Board do not expect to have further comment until the investigation is concluded.