Vince McMahon Steps Back From Chairman Role Amidst Investigation; Stephanie McMahon Named Interim CEO
WWE Chairman and CEO Vince McMahon has decided to step back from those roles within the company amidst those allegations of misconduct, prompting Stephanie to make her return as interim Chairwoman and CEO.
The Hollywood Reporter has confirmed that WWE CEO and Chairman Vince McMahon has "voluntarily stepped back" from his executive roles following recent reports that the board is investigating him (and Head of Talent Relations, John Laurinaitis) for alleged misconduct.
As you'll no doubt recall, we recently learned that McMahon is alleged to have paid $3 million to a former female employee who he had a sexual relationship with in order to buy her silence after she left the company. It's also said that he doubled her salary from $100,000 to $200,000 shortly after their affair began.
"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 company said in a statement today.
While Vince will continue taking charge of RAW and SmackDown's creative (news unlikely to be welcomed by fans), his daughter Stephanie McMahon is now set to serve as interim CEO and interim Chairwoman.
That's a genuine shocker after she recently stepped down from her role in the company to supposedly spend more time with her family. However, it's bound to add fuel to the fire of the online theories suggesting Stephanie may have chosen to step away after learning of her father's affair (the investigation began back in April). Many also believe she leaked this news in the first place.
WWE is a publicly-traded company, though the McMahon family effectively retains control through ownership of Class B shares. Stephanie was, until recently, WWE's Chief Brand Officer.
Things aren't looking good for Vince if he's decided to step back in this way, especially when he's not exactly the sort of person who admits defeat. Remember, as well as this main accusation of misconduct, it's said that several other payments and legal agreements involving other women have also been unearthed.
Keep checking back here for the latest as we have it, but SmackDown should be interesting...
Mr. McMahon will appear on SmackDown tonight at 8 PM ET live on FOX. pic.twitter.com/6XEEDwR0Hy
— WWE (@WWE) June 17, 2022