Stephanie McMahon, is now the interim CEO and Chairwoman of World Wrestling Entertainment (WWE). as the company investigates alleged secret payments by her father Vince McMahon to a female employee.
According to the Wall Street Journal Thursday, a special committee of the company’s board is investigating allegations that Vince McMahon paid a separate $3 million amount to a former employee that he had an affair with. The agreement was apparently made in January and has a confidential clause which prevents the former employee from discussing the relationship or financial agreement.
Other misconduct claims have been alleged against John Laurinaitis, the company’s head of talent relations.
In a statement by WWE released earlier today, the company said it is investigating the alleged misconduct 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.”
“I have pledged my complete cooperation to the investigation by the Special Committee, and I will do everything possible to support the investigation,” McMahon said in the statement. “I have also pledged to accept the findings and outcome of the investigation, whatever they are.”
“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,” Stephanie McMahon added. “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.”
McMahon is expected to appear on the company’s Smackdown show which airs tonight on FOX.