Vince McMahon‘s retirement was reportedly expedited by the investigations against him.
On July 22, the former WWE Chairman retired at the age of 77. Previously, he stepped back from his duties as Chairman and CEO for the duration of the WWE Board of Directors’ investigation into his alleged misconduct. Specifically, McMahon reportedly paid over $12 million over a period of 16 years to four women, who previously worked for WWE, to conceal “allegations of sexual misconduct and infidelity,” according to the Wall Street Journal.
A new report from the Wall Street Journal highlighted how new investigations by the SEC and federal prosecutors regarding these hush-money payments “hastened” McMahon’s retirement, per sources who are familiar with the situation. The report notes that the Securities and Exchange Commission and federal prosecutors are looking into the payments McMahon made in order to cover up his alleged sexual misconduct.
In an 8-K filing on July 25, WWE itself stated that the company has been on the receiving end of “regulatory, investigative and enforcement inquiries, subpoenas or demands” regarding the payments. This filing noted that the monetary amount, which has been calculated to equal $14.6 million, should have been listed in WWE’s financial statements.
New investigations by the SEC and federal prosecutors into hush-money payments made by WWE’s Vince McMahon to settle allegations of sexual misconduct hastened his retirement as chief executive, according to people familiar with the matter https://t.co/WDijh8uMD4
— The Wall Street Journal (@WSJ) July 25, 2022
Stephanie McMahon and Nick Khan have been named as co-Chief Executive Officers in the aftermath of Vince McMahon’s retirement.