WWE Board investigating $3M hush payment over affair with Vince

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WWE board investigates secret $3 million hush payment by CEO Vince McMahon, report says

A WWE spokesman told The Wall Street Journal that the company is cooperating with the board's investigation into the alleged McMahon payment.

www.cnbc.com

• World Wrestling Entertainment’s board is investigating a $3 million hush-money settlement that CEO Vince McMahon paid a former employee over an alleged affair, The Wall Street Journal reported.
• A WWE spokesman told the newspaper that the company is cooperating with the board’s investigation and that the relationship between McMahon and the woman was consensual.
• The board’s probe also revealed older agreements related to misconduct claims against McMahon and another WWE executive by women who used to work at the company, the report said.

Everyone seems to figure that Vince will run WWE with his hands on approach until he dies. This might be something that gets him out of the picture as well. Remember WWE is a publicly traded company now. The extra money paid to her (salary doubled after the affair began and this hush money) is money that is coming from the shareholders pockets.

If he does step back, I figure Nick Khan will be the head honcho.

 

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This could be trouble.

 

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It definitely has some wide ranging implications. John Laurentis is married to the Bellas mom. The report says Vince gave her like a toy to Johnny Ace.

The circumstances surrounding the previous non disclosure agreements are still unknown at this time.

I have to imagine besides the WWE shareholders, WWE's television partners like NBC Universal and FOX could be a little upset by this news.

 

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I'm sure he has enough money to make this go away... but you never know. Like you said, these are the type of things that partners don't like.

 

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Though he's not the majority shareholder, his stock is Class B which gives him more voting power. It really seems like nothing will happen to Vince unless those other NDA's circumstances come to light.

WWE Expected To Run ‘Business As Usual’ Despite Investigation Into Vince McMahon Allegations

WWE is expected to operate as it normally would for its Friday night SmackDown television tapings despite new allegations against Vince McMahon.

www.wrestlezone.com

"Major CEOs far more powerful than Vince McMahon have been brought down for less than this. I know people in the company who do believe Vince will survive this, not so sure about John Laurinaitis,” Meltzer said. “But do believe Vince will survive this with the idea that as long as there’s no company funds used to pay this off.”​

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Kevin Dunn is apparently being investigated for insider trading, as he sold $1 million in WWE stocks in May after the board of directors found out in April

 

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Vince McMahon has stepped back from CEO and Chairman roles. Stephanie is the interim CEO and chairwoman

NEWS | Corporate

corporate.wwe.com

STAMFORD, Conn., June 17, 2022 – WWE and 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. McMahon.

“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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If you didn't hear, Mr McMahon opened up SmackDown tonight. He literally walked out to the ring, explained their "Then. Now. Forever. Together" tagline, said "Welcome to Smackdown," threw the microphone and left. Like wtf?

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