A few weeks ago it was announced that Vince McMahon was being investigated by the WWE Board of Directors for suppressing allegations of sexual misconduct with hush money payments, and McMahon stepped down from his role as Chairman and CEO of WWE. Last week Vince McMahon took to Twitter to announce his retirement which has resulted in a major shake up in WWE.
It’s now being reported by the Wall Street Journal that federal investigations into the hush money scandal “hastened” Vince McMahon’s retirement according to people close to the situation.
The SEC and federal prosecutors have launched inquiries into payments made by McMahon, and on Monday WWE said that it has received, “regulatory, investigative and enforcement inquiries, subpoenas or demands” regarding the hush money payments.
WWE stated in a recent SEC filing that the company made a preliminary determination that $14.6 million dollars worth of payments that Vince McMahon made should have been recorded as expenses.
Following Vince McMahon’s retirement it’s been announced that Stephanie McMahon and Nick Khan will serve as Co-CEO while Triple H will move forward as EVP of Talent Relations and he will also head up WWE creative. Stay tuned for more updates as they become available.
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