WWE has been around since 1952.
During the ongoing investigation into the billionaire’s alleged wrongdoing, WWE CEO and Chairman Vince McMahon has voluntarily stepped down, and his daughter Stephanie has been named interim CEO and interim Chairwoman.
This past Friday, the Board of Directors, of which Vince is a member, announced that the 76-year-old would be stepping down from his role as WWE’s head honcho until the investigation was complete.
All allegations of misconduct are taken very seriously by WWE and its Board of Directors, the statement read. The Statement by the Board of Directors: “The Independent Directors of the Board retained outside legal counsel to assist them in conducting an independent review.”
Also, “WWE will work with the Special Committee and an independent third party to do a full 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,” they continued. Vince is being investigated because he allegedly made an agreement to pay a former employee $3 million in installments over a period of 5 years after the two had an affair.
She claims Vince paid her $1 million upfront and the remaining $2 million in “hush money” over the course of five years. In light of this, Stephanie, who recently resigned as WWE‘s chief brand officer to spend more time with her family, is now serving as the company’s interim CEO and interim Chairwoman.