Vince McMahon steps down as CEO of Stamford-based WWE amid misconduct allegations

Vince McMahon has stepped down as the CEO and chairman of the board of Stamford-based WWE, the company announced today.

News 12 Staff

Jun 17, 2022, 12:04 PM

Updated 670 days ago

Share:

Vince McMahon has stepped down as the CEO and chairman of the board of Stamford-based WWE, the company announced today.
WWE and its board of directors jointly released a statement saying, in part, "A special committee of the board is investigating 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."
In a press release, WWE says 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,” Mr. McMahon says.
The release goes on to say, "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."
According to the Wall Street Journal, Mr. McMahon agreed to pay a secret $3 million settlement to a former employee he allegedly had an affair with.


More from News 12
2:16
Alleged Gilgo Beach serial killer appears in court; judge works to set trial date

Alleged Gilgo Beach serial killer appears in court; judge works to set trial date

1:22
Cloudy skies and showers develop this evening on Long Island

Cloudy skies and showers develop this evening on Long Island

1:43
Cupcake Moms deliver baked goods to Ronald McDonald House

Cupcake Moms deliver baked goods to Ronald McDonald House

1:43
Riverhead School District approves budget, still plans to cut positions

Riverhead School District approves budget, still plans to cut positions

0:24
Police: 2nd suspect arrested for fatal Brentwood hit-and-run

Police: 2nd suspect arrested for fatal Brentwood hit-and-run

0:20
Police: EMT identified as motorcyclist killed in Bay Shore crash

Police: EMT identified as motorcyclist killed in Bay Shore crash

2:13
Local farm gives neurodivergent people a place to flourish

Local farm gives neurodivergent people a place to flourish

0:26
Former NYC officer and Marine reservist pleads not guilty to deadly DWI crash in Valley Stream

Former NYC officer and Marine reservist pleads not guilty to deadly DWI crash in Valley Stream

0:19
Police: Suspect wanted for burglarizing Farmingdale restaurant

Police: Suspect wanted for burglarizing Farmingdale restaurant

0:53
‘Not all superheroes wear capes’: Lake Grove elementary student thanks classmate and custodian that saved her from choking

‘Not all superheroes wear capes’: Lake Grove elementary student thanks classmate and custodian that saved her from choking

2:14
No layoffs in Sachem School District; multimillion-dollar budget shortfall remains

No layoffs in Sachem School District; multimillion-dollar budget shortfall remains

2:06
School superintendent: No major cuts to programs or school closures this year in Long Beach

School superintendent: No major cuts to programs or school closures this year in Long Beach

1:34
West Islip BOE approves $139M budget as parents address safety concerns

West Islip BOE approves $139M budget as parents address safety concerns

1:40
West Islip student accused of bringing gun, bullets to high school pleads not guilty

West Islip student accused of bringing gun, bullets to high school pleads not guilty

0:37
Adventureland opens Tuesday for people with autism and their loved ones

Adventureland opens Tuesday for people with autism and their loved ones

0:23
Police: Tractor-trailer filled with potatoes goes up in flames on LIE

Police: Tractor-trailer filled with potatoes goes up in flames on LIE

1:04
Driver in fatal shooting of Detective Jonathan Diller pleads not guilty

Driver in fatal shooting of Detective Jonathan Diller pleads not guilty

1:59
State budget tentative agreement allows school boards to move forward

State budget tentative agreement allows school boards to move forward

1:30
DEC: 3rd layer discovered under chemical drums already uncovered at Bethpage park

DEC: 3rd layer discovered under chemical drums already uncovered at Bethpage park

0:22
Police: 2 officers injured while making arrest at Bellerose 7-Eleven

Police: 2 officers injured while making arrest at Bellerose 7-Eleven