STAMFORD, CT (CelebrityAccess) — Embattled World Wresting Entertainment Vince McMahon announce he is stepping down from his leadership role as Chairman/CEO at the wrestling promotion amid a scandal over millions in payments allegedly made to women to keep them quiet about his alleged sexual misconduct.
McMahon, who acquired WWE from his father in 1982, played a central role in transforming the company into one of the premiere wrestling promotions in North America with more than $1 billion in annual revenue.
However, he has come under investigation by the company’s board of directors over agreements to pay more than $12 million over the past 16 years to multiple women to quiet allegations of sexual misconduct, according to reporting by the Wall Street Journal.
On Monday, WWE announced it would restate past financial results to account for previously unrecorded expenses related to those payments.
Following McMahon’s exit, WWE’s board announced that McMahon’s daughter Stephanie McMahon and Nick Khan had been appointed as co-CEOs. Ms. McMahon has also been appointed Chairwoman of the Board, and Mr. Khan will continue to serve as a member of the Board.
“We are grateful for the opportunity to lead WWE together with our unmatched management team,” said Ms. McMahon and Mr. Khan. “We recognize this is a tremendous opportunity and responsibility, and we look forward to serving the WWE Universe.”
Additionally, WWE executive Paul Levesque will assume all responsibilities related to WWE’s creative, in addition to his regular duties.