The 76-year-old Vince McMohan founder & CEO of World Wrestling Entertainment (WWE) steps down from his post. McMohan founded WWE in 1980 when he was only 34 years old and over the years, he has turned it into by far the biggest Sports Entertainment company in the World. With success comes controversies and Vince McMahon has had his fair shares of it throughout his career.
Why Did He Step Down?
WWE chairman Vince McMahon is currently being enquired about alleged $3 million settlement misconduct between Mohan & an ex-employee. Amid these allegations, the 76-year-old has finally stepped down from his position willingly, thinking about the image and well-being of the Company.
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His daughter Stephaine McMahon, 45 has been made the interim CEO of WWE and she will remain in charge until they can find and properly groom the next CEO for properly handling the Company. For now, the billionaire remains the Creative Head of WWE and he also still has majority stakes in it despite the fact that the company’s stocks are publicly traded.
But what is it exactly that led to such a huge investigation against the WWE chairman? Well, it has been revealed that the former WWE CEO had a consensual affair with an employee and it is a $3.2 Million settlement between them that is been enquired by the board. Their findings have so far proved that the billionaire McMahon has had many other similar settlements in the past.
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Regarding the investigation, Mr. McMahon has promised, “complete cooperation to the investigation”.
“I have also pledged to accept the findings and outcome of the investigation, whatever they are,” he added. It has also been said that he will be paying the entire remuneration personally. $1 Million will be paid now and the remaining amount will be given over 5 years.