For the first time in four decades, the head of the world’s largest wrestling company won’t be in charge.
On Friday, WWE announced that Vince McMahon would step aside as Chairman and CEO pending the results of an investigation into sexual misconduct against him and head of talent relations John Laurinaitis.
McMahon’s daughter Stephanie — WWE’s chief brand officer — will serve as interim CEO and Chairwoman.
McMahon has been the top figure at the company since buying it from his father in 1982. Under his leadership, WWE has blossomed into a sports entertainment powerhouse, reporting a company record $333.4 million in revenue for Q1 2022.
He and Laurinaitis are being investigated by the company’s board for allegedly paying a former female employee $3 million to not disclose her supposed sexual relationships with the men. It’s also likely that this wasn’t the first time McMahon has enacted an agreement of this nature.
All things considered, he can’t pass up a ratings play when he sees one: McMahon is scheduled to appear on Friday’s episode of Smackdown.
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