Vince McMahon has “voluntarily stepped back” from his duties as CEO and chairman of Connecticut-based World Wrestling Entertainment, Inc., while the company's board of directors investigates claims of misconduct against him, the company announced Friday morning, June 17.
The WWE, whose headquarters in Fairfield County is located in Stamford, said that a Special Committee of the Board is conducting the probe and that McMahon's move is effective immediately and will remain in place 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 WWE said.
McMahon, age 76, reportedly offered a $3 million settlement to a former female employee with whom he had an affair, according to report by The Wall Street Journal published on Wednesday, June 15.
“I have pledged my complete cooperation to the investigation by the Special Committee, and I will do everything possible to support the investigation," Vince McMahon said in a statement. "I have also pledged to accept the findings and outcome of the investigation, whatever they are."
The Special Committee has appointed Stephanie McMahon, Vince's daughter, to serve as interim CEO and interim Chairwoman.
“I love this company and am committed to working with the Independent Directors to strengthen our culture and our Company," Stephanie McMahon said. "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."
WWE says it is available in more than one billion homes worldwide in 30 languages and also has offices New York, Los Angeles, Munich, Mexico City, Dubai, Mumbai, Shanghai and Singapore.
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