BREAKING MAJOR NEWS: Vince McMahon temporarily steps down during investigation, Stephanie McMahon to serve as Interim CEO/Chairman

Posted on 6/17/122 by Bob Magee

WWE® & Board of Directors Joint Release

its Board of Directors jointly released the
following statement today:

Independent directors continue review of
alleged executive misconduct

Stephanie McMahon named interim CEO and
interim Chairwoman

Stamford, Conn. – WWE (NYSE: 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 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.

“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.

WWE and its Board of Directors take all
allegations of misconduct very seriously.
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.

The Company and the Board do not expect to
have further comment until the investigation
is concluded.

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