Vince McMahon is voluntarily stepping back from his responsibilities as CEO of WWE.
Time will tell if the move is temporary or permanent.
McMahon is under investigation due to alleged misconduct, which includes paying hush money to a former employee. Stephanie McMahon, who recently announced her decision to take time away from her role as Chief Business Officer, will serve as interim CEO.
There are wide-reaching ramifications for the future of WWE at stake.
McMahon is not the only one being investigated for inappropriate activity. John Laurinaitis, who is head of Talent Relations, was also named in the Wall Street Journal report. McMahon holds a majority of the voting power among shareholders in WWE, which is a publicly-traded company, but Laurinaitis is likely to be one of the first dismissed following the investigation.
Currently in his fifth decade running WWE, McMahon, 76, has his legal team preparing for further sexual abuse allegations, Sports Illustrated has learned. Every ugly part of his past will be dug up, as well as the transgressions of those surrounding him.
For now, McMahon still retains his power in overseeing the creative direction of the on-air product. In a curious decision, McMahon is set to appear on Friday's episode of SmackDown. Will he project himself as The Wolf of Wall Street and say he’s not stepping down? Or could something else more contrite be in store? The upcoming stretch will determine the future of the company.
