Vince McMahon has been the head honcho at WWE for generations. But a recent scandal has forced the company to make a difficult decision on their chairman and CEO.
On Friday, WWE and its board of directors announced that Stephanie McMahon, Vince's daughter, has been named interim CEO and interim Chairwoman of the company. In the same press release, they announced that Vince McMahon is voluntarily stepping back from his responsibilities.
The move comes as WWE internally investigates allegations that McMahon reached a settlement with a former paralegal over an extramarital affair. The payout reportedly consisted of $3 million to ensure the paralegal never went public with details.
But while McMahon will not be serving as chairman or CEO for the time being, he'll still have a role within the company. The press release noted that McMahon will continue in his same role on the creative team for regular content.
“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 the statement.
Vince McMahon has run WWE since 1980 but has been involved in professional wrestling since he was a child. He is credited with the creation of WrestleMania and for his role in the massive pro wrestling boom of the 1980s.
His tenure has been marred by a number of scandals though - many kayfabe, but some not.
Now it appears this scandal has the potential to end his 40-year run at the top depending on what is found.