WWE Chairman and CEO Vince McMahon will speak at a press conference announcing the WWE Network at the 2014 International CES in Las Vegas.
World Wrestling Entertainment Vince McMahon, Chairman and Chief Executive Officer, has resigned from his position as the company’s board of directors. Investigate alleged misconduct According to executives, he will continue to be the main creativity behind WWE content, the company announced Friday.
Hours after the announcement, WWE tweeted that McMahon will perform live at the company’s “SmackDown” show in Fox on Friday night. He deals with the controversy, but according to those familiar with the unnamed issue, he does so in his traditionally ruthless “Mr. McMahon” role.
WWE writers were working on Friday to change the script for “SmackDown,” which was completed earlier this week, he added.
Two days after the Wall Street Journal reported that WWE’s board was investigating McMahon for paying a former employee $ 3 million, there was an announcement of a change of executives and a special commission investigation.
According to the report, the investigation also announced a previous nondisclosure agreement between McMahon and a former female WWE employee who alleged cheating by another executive, John Laurinaitis, who was wrestling under the name Johnny Ace. I dug up. The board’s investigation began in April, the journal reported.
“I have promised to fully cooperate with the investigation by the Special Committee, and I will do everything possible to support the investigation,” McMahon said. Friday press release.. “I also promised to accept the findings and whatever the results were.”
According to the release, McMahon will continue to be involved in the creative content of the wrestling media company.
The role of the CEO is to stay with the family. Stephanie McMahon, daughter of McMahon, will become Interim Chairman and Chief Executive Officer. In May, Stephanie McMahon withdrew from most of her duties as an executive in her WWE, and she said she would spend more time with her family. The appointment is a signal that Vince McMahon’s retreat will not change the power structure, according to people familiar with the matter.
“I love this company and we are working with independent directors to strengthen our culture and company. It is very for me that we have a safe and collaborative workplace. It’s important, “Stephanie McMahon said in the release. “I have promised to do my utmost to help the Special Committee complete its work, including marshalling company-wide cooperation to assist in completing the investigation and implementing the findings. “
The announcement did not mention whether Laurinatis, head of the company’s Talent Relations, would also leave his position while the investigation was unfolding. WWE did not immediately respond to requests for further comments. “Until the investigation is complete, the company and the board are not expecting further comment,” WWE said in its announcement.
Vince McMahon, 76, is married to Linda McMahon, a former CEO of a wrestling company who was head of the Small Business Agency under then-President Donald Trump, who was inducted into the WWE Hall of Fame.
WWE is a publicly traded company, but McMahon, a glamorous executive who routinely tells the story of a wrestling drama in front of the camera, is effectively the controlling shareholder. He acquired the company from his father 40 years ago and coordinated growth into a global arena packing brand with media partnerships with Fox, Hulu, NBCUniversal’s Peacock and others.
Disclosure: NBCUniversal is CNBC’s parent company.