Vince McMahon steps down from WWE chairman role amid ongoing allegations 1 week ago

Vince McMahon steps down from WWE chairman role amid ongoing allegations

His daughter will temporarily take over

Vince McMahon has confirmed that he has stepped down from his role as the CEO and chairman of the Board of the WWE amid a series of ongoing allegations.

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McMahon is being investigated alongside John Laurinaitis, head of talent relations at WWE, after a report published by the Wall Street Journal claimed that he had paid an ex-employee millions of dollars - $3m to be exact - to stay quiet about an affair.

In light of the 76-year-old's announcement, the committee confirmed that his daughter Stephanie will serve as the interim CEO and chairman, while McMahon will keep his current commitments around the WWE's creative content.

The WWE released a statement on Friday

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A statement from the WWE on Friday said: "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.

"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."

McMahon has also said he will cooperate with the investigation and do what he can to help it progress, saying he had "pledged to accept the findings and outcome of the investigation, whatever they are."

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Daughter Stephanie vowed to ensure the WWE was a "safe and collaborative workspace."

"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.

"I have committed to doing everything in my power to help the Special Committee complete its work, including marshalling the cooperation of the entire company to assist in the completion of the investigation and to implement its findings."

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