Vince McMahon appeared on Friday night’s WWE Smackdown to presumably address his decision to step down as CEO and Chairman of the Board amid an ongoing investigation into allegations of misconduct involving former employees.
But McMahon did not make much of a statement in his appearance.
The 76-year-old walked out to the ring and explained WWE’s tagline “Then. Now. Forever. Together.” He then told the live crowd, “Welcome to Smackdown,” before throwing his microphone and leaving.
McMahon’s stunning announcement Friday morning came two days after a report from the Wall Street Journal revealed he agreed to a secret $3 million settlement with a now former employee he allegedly had an affair with. Additionally, the report disclosed “other, older nondisclosure agreements involving claims by former female WWE employees of misconduct” involving McMahon and WWE’s head of talent relations John Laurinaitis.
WWE also announced Friday Stephanie McMahon, who recently took a leave of absence from her role as Chief Business Officer, will serve as interim CEO until the investigation is complete.
The WSJ reported on June 15 the investigation into McMahon was launched in April, and centers around his relationship with a former paralegal WWE hired in 2019. The report shows McMahon and the employee signed a separation agreement in January 2022 which stipulates she cannot disparage him or discuss their reportedly consensual relationship.
WWE’s board of directors first became aware of the alleged settlement earlier this year through a series of emails from an anonymous source who identified as the former WWE paralegal’s friend, per WSJ. The emails allege that the woman’s pay was increased from $100,000 to $200,000 after her relationship with McMahon began; the emails also reportedly allege the former paralegal was given to Laurinaitis “like a toy.”
According to the Journal, the board’s preliminary findings show McMahon paid former female employees who signed agreements with personal funds. However, McMahon’s attorney confirmed to WSJ that the woman did not make harassment claims against the chief executive, saying that “WWE did not pay any monies” to the former employee “on her departure.”
WWE confirmed the next steps in the investigation on Friday, and noted the company won’t comment until the investigation has been finished.
“WWE and its Board of Directors take all allegations of misconduct very seriously,” the wrestling promotion said in a release. “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.”
