WWE’s Board of Directors has completed its investigation into Vince McMahon’s alleged misconduct.
The Special Committee – which was established to investigate allegations against the now-former chairman and CEO along with another executive – will now make “recommondations” based on its findings.
In a statement following its 2022 third quater earnings report on Wednesday (02.11.22), WWE said: “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.”
The company also revealed the financial “impact” of the investigation.
The statement continued: “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.”
Speaking after his retirement, McMahon said: “I am extremely confident in the continued success of WWE, and I leave our company in the capable hands of an extraordinary group of Superstars, employees, and executives – in particular, both Chairwoman and Co-CEO Stephanie McMahon and Co-CEO Nick Khan.
“As the majority shareholder, I will continue to support WWE in any way I can. My personal thanks to our community and business partners, shareholders, and Board of Directors for their guidance and support through the years.”
As well as Stephanie and Nick’s new roles, WWE also promoted Triple H – whose real name is Paul Levesque – to Chief Content Officer, while he also took over the company’s full creative direction.
He said in a statement: “WWE is one of the most prolific producers of premium content in the world and I look forward to this amazing opportunity.
“Having spent my entire career in this business, I’m confident that we have the right pieces in place to continue to grow our audience and deliver for our fans around the world.”