Vince Kennedy McMahon is an American professional wrestling promoter, executive, and media proprietor. He served as the chairman and chief executive officer of WWE, the largest professional wrestling promotion in the world, until 2022. He is also the founder and owner of Alpha Entertainment.
Vince Mcmahon: Why did step down| Hush money| Allegations
Why did step down:
He steps down due to misconduct.
World Wrestling Entertainment announced Friday that its famed CEO, Vince McMahon, has stepped back from his leadership responsibilities as the company investigates misconduct claims against him.
The WWE board of directors appointed McMahon’s daughter, Stephanie McMahon, as interim CEO and chairwoman until the probe’s conclusion.
“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,” she said in a company statement.
Hush Money:
Vince McMahon, the charismatic billionaire owner of World Wrestling Entertainment (WWE) – Get World Wrestling Entertainment Inc. Class A Report, will step back from his role as CEO as the group probes allegations of so-called ‘hush money’ payments to a former employee.
The Wall Street Journal reported earlier this week that McMahon, who purchased his father’s World Wrestling Federation business in 1982, changed its name to World Wrestling Entertainment and lead its listing on the Nasdaq in 1999, paid $3 million to a former group paralegal with whom he was having a consensual affair.
Allegations:
This morning the corporate website for WWE posted a joint press release from WWE and the Board of Directors on the situation, that Vince McMahon has voluntarily stepped back from his responsibilities as CEO effective at once Chairman of the Board until the conclusion of the investigation.
“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.”
