Vince McMahon, the chairman and CEO of World Wrestling Entertainment and arguably the face of the brand, has “voluntarily” stepped down in the midst of an investigation into a multi-million dollar hush money probe.
The Wall Street Journal reported Wednesday that a special committee of the WWE board is looking into allegations McMahon, 76, paid $3 million to a former employee with whom he’d allegedly had an affair.
The unnamed former employee, 41, was reportedly hired at $100K a year, and allegedly saw her salary doubled when the affair started, according to the sports network.
McMahon’s daughter, Stephanie McMahon, has stepped in as interim CEO, the organization noted.
WWE said in a statement that both Vincent McMahon and John Laurinaitis, WWE’s head of talent relations, are being investigated, and that “effective immediately, McMahon has voluntarily stepped back from his responsibilities as CEO and Chairman of the Board until the conclusion of the investigation.”
McMahon will “retain his role and responsibilities related to WWE’s creative content during this period,” the company stated.
In the announcement, McMahon vowed his “complete cooperation to the investigation,” and “pledged to accept the findings and outcome…whatever they are.”
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