Vince McMahon voluntarily steps down as CEO of WWE following misconduct allegations
Vince McMahon resigned as WWE Chairman and CEO on Friday amid misconduct allegations and a company investigation.
"I've offered my full cooperation to the Special Committee's investigation and will do all possible to support it." "McMahon added. "I've also promised to accept the investigation's results."
Stephanie McMahon is interim CEO and chairwoman. She's the daughter of company CMO and former wrestler Vince McMahon.
"I love this firm and am committed to working with the Independent Directors to develop our culture and company; a safe and collaborative workplace is very essential to me."
"Stephanie McMahon remarked. "I've pledged to doing all in my power to help the Special Committee finish its job, including enlisting the company's aid to complete the inquiry and implement its conclusions."
The WWE board of directors began examining McMahon in April and found he paid $3 million to cover up an affair with a former employee.
McMahon compensated the former employee $1 million upfront and $2 million over five years, according to the story.
Anonymous emails uncovered by the board's investigating committee detailed McMahon's contact with a former employee, according to the Wall Street Journal
McMahon allegedly raised her salary from $100,000 to $200,000 when the connection grew sexual and "delivered her like a toy" to WWE executive John Laurinaitis.
"My friend was so afraid so she quit after Vince McMahon and lawyer Jerry paid her millions to shut up," the initial email to the board claimed, referring to Mr. McMahon's longtime lawyer, Mr. [Jerry] McDevitt, who brokered the arrangement.
McDevitt told the Journal the former employee hadn't accused McMahon of harassment. The investigation found McMahon's contact with the former employee was consensual.
The board is reportedly working with an outside third party to assess the company's compliance procedures, HR function, and culture. Simpson Thacher & Bartlett LLP of New York will investigate.