Vince McMahon, the previous WWE chief govt, is retiring from the corporate, he mentioned in an announcement on Friday. The information follows an investigation into McMahon paying hundreds of thousands of dollars in hush cash to cowl up alleged infidelity and misconduct with a number of girls.
“As I method 77 years outdated, I really feel it’s time for me to retire as Chairman and CEO of WWE,” McMahon mentioned.
Final month, a report within the Wall Avenue Journal mentioned the corporate’s board was investigating McMahon for agreeing to pay a secret $3 million settlement to a former worker with whom he allegedly had an affair.
A new report from the Journal got here out earlier this month that mentioned McMahon paid greater than $12 million to 4 girls, together with the one from the prior report, to cowl up “allegations of sexual misconduct and infidelity.”
The longtime WWE boss agreed to step again from his function as chairman and CEO whereas the investigation was ongoing. His daughter, Stephanie McMahon, and president Nick Khan will function co-CEOs.
McMahon has mentioned beforehand he's cooperating with investigators. His lawyer instructed the Journal that “WWE didn't pay any monies” to the previous worker “on her departure.”
The WWE didn't have any additional remark Friday past McMahon’s assertion.
McMahon has been an main a part of the WWE for many years, each behind the scenes and within the ring.
The CEO helped flip the corporate into a worldwide model and media powerhouse, which at the moment has offers with Fox and NBCUniversal. McMahon additionally helped to raise many well-known wrestlers, like The Rock, John Cena and Stone Chilly Steve Austin.
In keeping with the Journal, the ladies, all of whom had been concerned with WWE, signed agreements with McMahon that “prohibit them from discussing potential authorized claims in opposition to or their relationships with the 76-year-old govt.”
The Journal mentioned McMahon paid the ladies over a interval of 16 years.
On Friday, McMahon mentioned that the corporate will “proceed to entertain you with the identical fervor, dedication, and keenness as all the time.”
“I'm extraordinarily assured within the continued success of WWE, and I go away our firm within the succesful fingers of a rare group of Superstars, workers, and executives,” he mentioned. “As the bulk shareholder, I'll proceed to help WWE in any approach I can.”
He ended the assertion with the corporate’s signature phrase: “Then. Now. Ceaselessly. Collectively.”
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