(WGHP) — An investigation has led CEO Vincent McMahon to “voluntarily” step away from some of his responsibilities with WWE.
In a release published on Friday, the Board of Directors announced an investigation into alleged misconduct by Chairman and CEO Vincent McMahon and John Laurinaitis, head of talent relations.
The release says effective immediately, McMahon has voluntarily stepped back from his responsibilities as CEO and Chairman of the Board until the conclusion of the investigation. The Board says that McMahon is “committed” to cooperating with the review.
His daughter Stephanie McMahon will 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,” said Mr. McMahon.
“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. 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,” said Ms. McMahon.
Independent legal counsel will be brought in to assist with an independent review and the WWE will work with a third party to conduct a comprehensive review of the company’s compliance program, HR function and overall culture.