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Stephanie McMahon named interim WWE CEO & Chairwoman, Vince steps down during investigation

By Raphael Garcia

AUSTIN, TEXAS - MARCH 14: Stephanie McMahon speaks onstage at Meet the Women Dominating Sports Media during the 2022 SXSW Conference and Festivals at Hilton Austin on March 14, 2022 in Austin, Texas. (Photo by Shedrick Pelt/Getty Images for SXSW)
AUSTIN, TEXAS - MARCH 14: Stephanie McMahon speaks onstage at Meet the Women Dominating Sports Media during the 2022 SXSW Conference and Festivals at Hilton Austin on March 14, 2022 in Austin, Texas. (Photo by Shedrick Pelt/Getty Images for SXSW) /
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This has been a week of major news announcements from the WWE. Friday was the same as the company announced Vince McMahon is stepping down from his position as CEO and Chairman as the Special Committee of the Board completes its investigation into accusations of misconduct. Stephanie McMahon will replace him, as she is named interim CEO and interim Chairwoman.

WWE released a press release that outlined the news early Friday morning.

“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. The Special Committee has appointed Stephanie McMahon to serve as interim CEO and Chairwoman.”

This is a massive moment in the WWE’s history, which began on Wednesday when news broke of the investigation. Joe Palazzolo of the Wall Street Journal reported that McMahon was being investigated for a $3 million dollar hush payment paid to a former employee after what he says was a consensual affair. Laurinaitis is also a part of the investigation due to his relationship with the woman.

This development comes weeks after Stephanie McMahon stepped aside from her role, in a move that shocked many within the company. According to Dave Meltzer of Wrestling Observer Newsletter, his sources pointed toward the dwindling stock prices and that “she underperformed at her job and her father pushed her out so that would explain that there wasn’t anything wrong, she was just not good at her job.”

Stephanie McMahon’s former position was the Chief Brand Officer.

“I have pledged my complete cooperation to the investigation by the Special Committee, and I will do everything possible to support the investigation,” Vince McMahon said in the statement. “I have also pledged to accept the findings and outcome of the investigation, whatever they are.”

For more news about the special investigation and the future of WWE, stick with Daily DDT.

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