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Vince McMahon’steps back’ from his role as CEO of WWE as a misconduct investigation continues

Vince McMahon, the founder and CEO of WWE, has “voluntarily stepped down” from his positions as CEO and chairman because of an internal investigation into claims that he paid $3 million to a worker with whom he had an affair to keep quiet.

According to reports, the investigation has also found several older agreements related to misconduct claims that other female WWE employees made against McMahon, who is 76 years old, and John Laurinaitis, who is in charge of talent relations at WWE.

The allegations were first written about in the Wall Street Journal.

“McMahon will keep his role and responsibilities related to WWE’s creative content during this time, and he is still committed to helping with the review that is going on,” the company said.

A special committee from the board of directors is in charge of running the investigation.

The WWE says that McMahon’s daughter, Stephanie, will be the interim CEO and interim chairwoman.

The Journal says that the WWE board found out about McMahon’s recent $3 million deal when they got a series of anonymous emails from someone claiming to be a friend of the woman who allegedly had a relationship with the WWE boss.

According to the emails, McMahon hired the woman as a paralegal and gave her a salary of $100,000. After they started going out together, he reportedly raised her salary to $200,000 and gave her a bonus of $50,000. The emails also said that McMahon “gave her to Laurinaitis as if she were a toy.”

“Vince McMahon and lawyer Jerry paid my friend millions of dollars to shut up, but she was so scared that she quit,” the person who sent the first email reportedly wrote.

The email seems to be about Jerry McDevitt, who is McMahon’s lawyer and did not respond when the Post asked him for comment. McDevitt told the Journal in a letter that the former paralegal had not said that McMahon had harassed her, and that “WWE did not pay any money” to the former employee “on her departure.”

The board is said to have found that McMahon paid the ex-employees who signed the agreements with his own money.

McMahon is married to Linda McMahon, who co-founded WWE with her husband and ran the Small Business Administration when Donald Trump was president.

The Post asked WWE for a comment, but they didn’t answer right away. A company representative told the Journal that McMahon and the paralegal were in a relationship that they both agreed to. The spokesperson also said that the WWE is helping its board investigate the allegations and that it takes them seriously.

People who knew about the deal told the Journal that McMahon’s non-disclosure agreement with the 41-year-old former paralegal gave her $1 million up front and $2 million more over five years.

The investigation is said to be being done by the law firm Simpson Thacher & Bartlett LLP, which was hired by the WWE’s eight independent directors.

Theo Wayt added more to the story.

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Akanksha Jain

Akanksha Jain love to learn new stuff every day. With a background in computer science and a passion for writing, she loves writing for Startup, Business sections of Editorials99.

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