Stephanie McMahon stepped down from WWE on Monday after serving as the company’s co-CEO and chairperson for the past six months.
The decision was made just days after her father Vince McMahon rejoined the company’s board of directors. He retired last July following allegations of sexual harassment and misconduct and that he had paid hush money to the women involved.
As Stephanie steps down, Nick khan is now the sole CEO of WWE and Vince McMahon has been elected to serve as executive chairman of the board.
Following Vince McMahon’s unexpected retirement, Stephanie McMahon was appointed as the chairwoman of WWE in July, just a few weeks after announcing a leave of absence from the organization.
Vince McMahon was found to have paid four women a total of more than $12 million in an effort to conceal the allegations of misconduct and sexual harassment. Later, it was discovered that he had unreported expenses of up to $19.6 million.
Even though Vince retired from WWE, he remained one of the major shareholders of the company. In the announcement of his return, it was said that plans were being made to undertake a review of its strategic alternatives with the purpose of maximizing value for all WWE shareholders.
Former CEO of WWE Vince McMahon, who presided over the company for about four decades, declared last week that his reappointment as executive chairman would be necessary for WWE to properly capitalize on the expanding demand for programming and live entertainment.
Three board members were fired, while two former executives joined the board in addition to Vince Mahon’s return. Following that, supposedly, two board members resigned.
Stephanie McMahon said in her resignation letter that her father is going to lead an exciting process considering strategic choices. She expressed her confidence in the company’s future under Nick khan and her husband, Chief Content Officer Paul “Triple H” Leveque.
Vince McMahon said that he will give complete support to Stephanie for her personal decision and he appreciated her courage to take over the responsibility of the company while he was away.
As a father, he was very proud of his daughter for the work she achieved. He added that Stephanie has consistently served as WWE’s best ambassador, and her decades of work have had a huge impact on the company’s reputation.
McMahon stated that he doesn’t plan for his return to have an effect on the responsibilities, tasks, or roles of WWE’s current management team.
According to Vince McMahon, the WWE has experienced record growth and profitability because of Nick’s business skills and knowledge in the industry. Whereas Nick said that Stephanie is a terrific executive and he is honored to serve as the co-CEO with her.
The majority shareholder and company founder McMahon will resume his role as executive chairman, WWE announced on Friday, which led to the increase in the company’s share by 22%.
In July 2022, due to the allegations of sexual harassment and misconduct, Vince McMahon has to step down from the position of CEO. According to reports from the investigation, he was supposedly paid more than $12 million to four women in the past 16 years.
According to reports, the first payment, which started the internal WWE investigation, was provided to a WWE paralegal who had an affair with married McMahon. A former wrestler who accused McMahon of sexual assault received the second.
The third payment allegedly went to a WWE contractor who claimed to have been sexually harassed by McMahon at work and to have received unwanted nude images of him. One more WWE employee who had an affair with McMahon apparently received the final payment, which was $1 million.
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McMahon was accused of sexually assaulting a former spa manager at a resort in Southern California in 2011.
Rita Chatterton, a former WWE referee has accused the WWE chairman of sexual assault throughout the 1990s, allegedly sent McMahon a demand letter last November.
The 65-year-old Chatterton is suing for $11.75 million in losses. She alleges that in 1992, McMahon raped her in a limousine.
Chatterton’s attorney stated in the demand letter that his client had endured years of depression, eating disorders, lost income, drug addiction, and a decreased quality of life as a result of the sexual assault.
This allegation of Chatterton was always denied by McMahon. Last year, Chatterton claimed that McMahon allegedly made her an annual offer of $500,000 to be quiet.
Early in November, the company announced that the special committee formed to investigate the allegations of misconduct had completed its inquiry and the committee had been disbanded.
The broadcasting of some of WWE’s biggest premium live events of the year takes place at the same time as McMahon’s return to the company. Texas hosts the Royal Rumble this month, while Wrestlemania, a two-day spectacle, starts in April.
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