Vince McMahon has been embroiled in controversy after news broke of an alleged hush money payment to a former WWE employee to cover up an affair. The future of the company as well as McMahon’s career immediately became uncertain. That all became clearer this morning when Vince McMahon announced that he would be stepping down as CEO of the company until the board of directors concludes their investigation.
A press release issued this morning by WWE noted that Stephanie McMahon has been named interim CEO and Chairman of the Board. Stephanie had recently announced that she was taking a leave of absence from the company. Vince McMahon will still be in charge of WWE creative. McMahon said he will cooperate and pledged to support whatever the investigation turns up.
“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.”
WWE stated in the press release that they are taking the allegations of misconduct very seriously. Independent legal counsel has been retained to assist with a full review. The investigation will also look into the company’s compliance program, HR function, and overall culture.
While Vince McMahon stepping down is only temporary at the moment, the investigation could uncover serious problems. If that is the case, his run at the head of the company that he took national in the 1980s will end with a whimper. Only time will tell if that will happen.
It will be interesting to see what turns up as the independent investigation moves forward. Vince McMahon claims he is willing to go along with the findings of that investigation. It could mark the beginning of the end for a man who, on the business side, became one of the most successful wrestling promoters of all time.
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