WWE CEO Vince McMahon has resigned as chairman and CEO following an investigation into allegations of misconduct involving the long-serving leader and public face.
McMahon will oversee the creative content of WWE during the investigation. World Wrestling Entertainment announced Friday that McMahon's daughter Stephanie was named interim CEO and chairwoman.
WWE announced on Twitter that Vince McMahon would appear on "SmackDown" on Friday after it made the leadership changes.The Wall Street Journal reported Wednesday that WWE was investigating a $3 million payment McMahon made to a female employee who left following a consensual affair.
McMahon stated, "I have committed my total cooperation to the investigation of the special committee, and I will do all possible to support it." "I also have pledged to accept whatever findings or outcomes of the investigation are."
According to the Journal, the investigation by the board, which began in April, revealed that other non-disclosure agreements were found regarding claims made by former female employees of WWE of misconduct by McMahon or John Laurinaitis
WWE announced Friday that it and its special committee would work with an independent third party to conduct a thorough review of the workplace environment.Vince McMahon has been the most well-known and respected face of WWE for many decades.
McMahon's leadership led to a major transformation of the organization.Last year, the company's revenue exceeded $ 1 billion for the first time. It also has television deals with Fox and NBCUniversal.
Stephanie McMahon will assume at least temporarily the role of leader at WWE. She announced last month that McMahon would take care of her main responsibilities. She was the company's chief branding officer.
Vince McMahon has been the most well-known and respected face of WWE for many decades.In 1982, he bought the World Wrestling Federation from his father. At that time, matches were held in small venues and were broadcast on local cable channels.