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Vince McMahon has resigned as WWE CEO

Vince McMahon has resigned as WWE CEO

Vince Mcmahon has quit WWE and resigned as the CEO of WWE, effective immediately. According to a statement released by WWE, he has resigned and has “voluntarily stepped back from his responsibilities as CEO”

John Laurinaitis is still active in his role and was not mentioned as having resigned in the press statement.

WWE Corporate released a statement today that said:

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.

Vince McMahon was quoted in the statement as saying “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,”

It was also announced that his daughter Stephanie McMahon would take over in the role as CEO until the conclusion of the investigation. She recently left WWE in April after more than 30 years service and was thought to be pushed out by Nick Khan and Vince McMahon.

Vince McMahon allegedly carried on an affair with a paralegal in the company, moving her from a 100k job to a 200k job as a Director once they began their affair. The relationship was reportedly consensual, but when things fell apart, he paid her $3 million dollars in hush money and had her sign a NDA. The head of talent relations, John Laurinaitis, was also allegedly sleeping with her as well.

The WWE Board is conducting an investigation, per a story that broke in the WSJ. This type of arrangement sounds like it could be Quid Pro Quo, although we don’t know what the Board will decide.

In the interim, Vince McMahon is stepping away from his role as CEO of WWE, but will continue to oversee the creative side. Stephanie McMahon, his daughter, will be taking over as interim CEO.