WWE hit by a scandal! Why has Vince McMahon stepped down as chairman and CEO?

The World Wrestling Entertainment (WWE) is at the eye of a major controversy as Vince McMahon stepped down as chairman and chief executive officer (CEO) of the company amid allegations of misconduct. According to a report by The Wall Street Journal, McMahon paid a secret settlement of around $3 million to an employee with whom he allegedly had an affair. The WWE board is currently investigating the allegations made against McMahon and the report further claimed that the board has found other nondisclosure agreements hinting at more claims of misconduct by McMahon.

“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,” McMahon said in an official statement.

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Soon after McMahon stepped down, his daughter - Stephanie McMahon – took over the company as interim chief executive and chairwoman. Stephanie had previously served as the chief brand officer of the company and although he was on a break, she accepted to step into the role immediately.

According to the WSJ report, during the course of the investigation, the WWE board found that McMahon paid an upfront payment of $1 million and $2 million over the next five years to keep the relationship under wraps. They also found that there were anonymous emails sent to the board claiming that the woman in question getting twice her salary once they began a relationship.

However, McMahon and his lawyer made it clear that there were no claims of harassment from any of the parties involved and all the funds used for the settlements belonged to McMahon’s personal account.

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