Vince McMahon, the 76-year-old head of World Wrestling Entertainment and face behind one of the more entertaining memes often spotted online, announced Friday that he is stepping down from his leadership role as the company investigates felony allegations. His daughter, Stephanie McMahonwho happens to be married to the WWE Superstar triple Hhas assumed the position of interim CEO and chairman.
McMahon, who has led the organization for 40 years and is a third-generation wrestling promoter, is accused of spending $3 million in hush money payments to cover up an affair with an employee. He has also been accused of sexual assault in the past, which he has denied.
WWE, a publicly traded company, reported revenue of more than $1 billion in 2021.
In a statement, Stephanie McMahon said, “I love this company and am committed to working with the independent directors to strengthen our culture and our business; it is extremely important to me that we have a safe and collaborative workplace.”
The same day that news of McMahon’s decision to step aside was made public, WWE’s official social media arm announced that he would be appearing on the same night’s long-standing program. SmackDown on FOX.
McMahon retains role on “creative content” (they’ll always smack)downnever hitupwards†† as the investigation progresses.
In a statement of his own, he said: “I have pledged my full 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, which who are too.”
In April of last year, WWE signed a $1 billion deal with Peacock for streaming rights, including the annual wrestle mania event and developing new content strategies.
at a wrestle mania event in Detroit in 2007, McMahon was held in a chair and had his head shaved by the future president of the United States, Donald Trumpin a contest called The Battle of the Billionaires†