WWE founder and CEO Vince McMahon, who resigned last month amid a board investigation of complaints into alleged executive misconduct, will leave the company. This includes his executive responsibilities as well as the creative responsibilities of the company he oversaw. McMahon has also appeared as a character on WWE programming, but that appearance will also end.
WWE announced the decision in a statement on Friday, adding that his daughter Stephanie McMahon will become president and co-CEO and that WWE President Nick Khan will also become co-CEO.
McMahon will remain the company’s majority shareholder, adding in his statement that “I will continue to support WWE in any way I can.”
“As I approach 77 years old, I feel it’s time to retire as President and CEO of WWE,” McMahon said in a statement. “Over the years, it has been a privilege to help WWE delight, inspire, surprise, amaze and always entertain. I would like to thank my family for their enormous contribution to our success and also thank all our Superstars and employees past and present for their dedication and passion for our brand. Most importantly, I want to thank our fans for letting us into their homes each week and their choice of entertainment. “
McMahon’s retirement comes amid an investigation by the company’s board of directors into allegations he had sex with company employees and subsequently paid women millions of dollars as part of his severance packages.
The board launched an investigation earlier this year, with McMahon adding in a statement at the time: “I have pledged my full cooperation with the Special Committee investigation and will do everything in my power to support the investigation. I also promised to accept the findings and the outcome of the investigation, whatever it may be.”
WWE is a major provider of content to NBCUniversal and Fox. WWE programming is one of the most popular shows in the US, and the company’s signature events like WrestleMania are on Peacock. Fox, in turn, broadcasts the WWE slap on Friday nights. WWE also produces programming for other companies such as A+E Networks and Netflix.
Another WWE executive, head of talent relations John Laurinaitis, who wrestled under the stage name “Johnny Ace”, was also implicated in the allegations. WWE did not refer to Laurinaitis in its announcement on Friday, but it did issue a separate press release with Stephanie McMahon’s husband Paul “HHH” Levesque saying that she will “return to my previous position as head of talent relations.” “. “
Source: Hollywood Reporter
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