Stephanie McMahon named interim CEO & chairwoman of WWE, Vince McMahon comments

Stephanie McMahon has been named the Interim CEO and Interim Chairwoman of WWE.

WWE and its Board of Directors announced today that Chairman & CEO Vince McMahon has voluntarily stepped back from his responsibilities until the Board’s investigation into alleged misconduct by McMahon and WWE’s Senior Vice President of Talent Relations John Laurinaitis has been completed.

Vince will retain his role and responsibilities related to WWE creative during the investigations, and he remains committed to cooperating with the investigation, according to WWE’s statement.

“I have pledged my complete cooperation to the investigation by the Special Committee, and I will do everything possible to support the investigation. I have also pledged to accept the findings and outcome of the investigation, whatever they are,” said Vince in the announcement.

“I love this company and am committed to working with the Independent Directors to strengthen our culture and our Company; it is extremely important to me that we have a safe and collaborative workplace. I have committed to doing everything in my power to help the Special Committee complete its work, including marshaling the cooperation of the entire company to assist in the completion of the investigation and to implement its findings,” said Stephanie in the same announcement.

It was also noted that WWE and the Board are taking the allegations very seriously, and that they do not expect to have further comment until the investigation has concluded.

This major move comes as Stephanie recently took a leave of absence from her duties as Chief Brand Officer to be with her family, but now she’s been called back to work to help guide WWE through one of its biggest scandals ever. It was recently reported that McMahon and Laurinaitis would be at tonight’s SmackDown and that it would be “business as usual,” and the statement mentioned that Vince will continue his creative duties.

As noted on Wednesday, it was revealed that WWE’s Board of Directors are investigating McMahon over a “secret $3 million settlement” he made to a former WWE paralegal that was hired in 2019. Laurinaitis is also being investigated for his involvement, and the Board is looking into other instances with former female employees as well. You can click here for full details on the matter.

Below is the full statement issued to us today by WWE:

WWE® & BOARD OF DIRECTORS JOINT RELEASE

STAMFORD, Conn., June 17, 2022 – WWE and its Board of Directors jointly released the following statement today:

Independent directors continue review of alleged executive misconduct
Stephanie McMahon named interim CEO and interim Chairwoman

Stamford, Conn. – WWE (NYSE: WWE) and the Board of Directors today announced that a Special Committee of the Board is conducting an investigation into alleged misconduct by its Chairman and CEO Vincent McMahon and John Laurinaitis, head of talent relations, 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 and remains committed to cooperating with the review underway.

The Special Committee has appointed Stephanie McMahon to serve as interim CEO and interim Chairwoman.

“I have pledged my complete cooperation to the investigation by the Special Committee, and I will do everything possible to support the investigation. I have also pledged to accept the findings and outcome of the investigation, whatever they are,” said Mr. McMahon.

“I love this company and am committed to working with the Independent Directors to strengthen our culture and our Company; it is extremely important to me that we have a safe and collaborative workplace. I have committed to doing everything in my power to help the Special Committee complete its work, including marshaling the cooperation of the entire company to assist in the completion of the investigation and to implement its findings,” said Ms. McMahon.

WWE and its Board of Directors take all allegations of misconduct very seriously. The Independent Directors of the Board engaged independent legal counsel to assist them with an independent review. In addition, the Special Committee and WWE will work with an independent third-party to conduct a comprehensive review of the company’s compliance program, HR function and overall culture.

The Company and the Board do not expect to have further comment until the investigation is concluded.