World Wrestling Entertainment Inc. WWE CEO Vince McMahon is reportedly the subject of an internal corporate investigation regarding a $3 million payment to a former female employee with whom he allegedly had an affair.
What Happened: The Wall Street Journal, citing documents and people familiar with the board inquiry, reported the former employee was hired as a paralegal in 2019 and had signed a non-disclosure agreement last January that prevents her from discussing the nature of her relationship with McMahon.
The WWE board began its investigation into McMahon in April and reportedly discovered older non-disclosure agreements involving former employees and either McMahon or John Laurinaitis, the head of talent relations at the company and a former wrestler who performed under the name Johnny Ace. The payments made to former employees reportedly totaled millions of dollars.
What Happens Next: The WWE board has appointed New York City-based law firm Simpson Thacher & Bartlett LLP to conduct the investigation, according to the Journal’s unnamed sources, who added that McMahon paid off the former employees with his personal funds rather than corporate money.
McMahon’s attorney, Jerry McDevitt, informed the Journal that the former paralegal did not raise harassment claims against McMahon and “WWE did not pay any monies … on her departure.”
The board’s independent directors are conducting the investigation – McMahon is a board member, along with his daughter Stephanie McMahon and her husband Paul Levesque, who performed as a wrestler under the name Triple H. Stephanie is on a leave of absence as the company’s chief brand officer, citing the need to “focus on my family.”
The 76-year-old McMahon has been married since 1966 to Linda McMahon, formerly the company’s CEO and also served as head of the Small Business Administration during the Trump administration.
Photo: Vince McMahon with Paul Levesque; courtesy of the Chairman of the Joint Chiefs of Staff / Flickr Creative Commons
© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Ad Disclosure: The rate information is obtained by Bankrate from the listed institutions. Bankrate cannot guaranty the accuracy or availability of any rates shown above. Institutions may have different rates on their own websites than those posted on Bankrate.com. The listings that appear on this page are from companies from which this website receives compensation, which may impact how, where, and in what order products appear. This table does not include all companies or all available products.
All rates are subject to change without notice and may vary depending on location. These quotes are from banks, thrifts, and credit unions, some of whom have paid for a link to their own Web site where you can find additional information. Those with a paid link are our Advertisers. Those without a paid link are listings we obtain to improve the consumer shopping experience and are not Advertisers. To receive the Bankrate.com rate from an Advertiser, please identify yourself as a Bankrate customer. Bank and thrift deposits are insured by the Federal Deposit Insurance Corp. Credit union deposits are insured by the National Credit Union Administration.
Consumer Satisfaction: Bankrate attempts to verify the accuracy and availability of its Advertisers' terms through its quality assurance process and requires Advertisers to agree to our Terms and Conditions and to adhere to our Quality Control Program. If you believe that you have received an inaccurate quote or are otherwise not satisfied with the services provided to you by the institution you choose, please click here.
Rate collection and criteria: Click here for more information on rate collection and criteria.