Earlier this year it was revealed that Vince McMahon was being investigated by the WWE Board of Directors due to hush money payments that were made to suppress allegations of misconduct.
Vince McMahon stepped down from his roles as Chairman and CEO of WWE, and then ultimately he retired from WWE in July. Today WWE issued a press release detailing the company earnings for the third quarter of 2022. The press release also shared an update on the Vince McMahon investigation as it was noted that the investigation is complete.
WWE issued the following statement:
“As previously announced, a Special Committee of independent members of the Board of Directors was formed to investigate alleged misconduct by Vincent K. McMahon, the Company’s former Chairman and Chief Executive Officer, who resigned from all positions held with the Company on July 22, 2022 but remains a stockholder with a controlling interest, and another executive, who is also no longer with the Company. The Special Committee investigation is now complete and the Special Committee has been disbanded. Management is working with the Board to implement the recommendations of the Special Committee related to the investigation. For the three and nine-month periods ended September 30, 2022, the Company’s consolidated pre-tax results include the impact of $17.7 million and $19.4 million, respectively, associated with certain costs related to the investigation. Please see the Company’s SEC filings, including, but not limited to, its annual report on Form 10-K/A and quarterly reports on Form 10-Q/A and Form 10-Q for further details and ongoing risks regarding this matter.”
There’s currently no word on when the special investigation was completed. Stay tuned for more updates as they become available.
