Kemo
11-03-2022, 12:14 AM
WWE announced today in its third quarter 2022 earnings report that the investigation into alleged misconduct by Vince McMahon “is now complete, and the Special Committee has been disbanded.”
McMahon resigned from his duties as Chairman and CEO of WWE amid the WWE Board investigating him for alleged sexual misconduct and hush money. The investigation cost WWE $19.4 million.
“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.”
The Wall Street Journal broke the news earlier this year about the WWE Board of Directors investigating McMahon over a $3 million settlement that McMahon had agreed to pay a former employee with whom he allegedly had an affair. McMahon allegedly paid them more than $12 million to four women formerly with the company to “suppress allegations of sexual misconduct and infidelity.” WWE later found more payments that were made.
McMahon resigned from WWE as Chairman and CEO. Since Vince’s resignation, Stephanie McMahon and Nick Khan have been named co-CEOs, while Triple H has been named Head of Creative.
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McMahon resigned from his duties as Chairman and CEO of WWE amid the WWE Board investigating him for alleged sexual misconduct and hush money. The investigation cost WWE $19.4 million.
“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.”
The Wall Street Journal broke the news earlier this year about the WWE Board of Directors investigating McMahon over a $3 million settlement that McMahon had agreed to pay a former employee with whom he allegedly had an affair. McMahon allegedly paid them more than $12 million to four women formerly with the company to “suppress allegations of sexual misconduct and infidelity.” WWE later found more payments that were made.
McMahon resigned from WWE as Chairman and CEO. Since Vince’s resignation, Stephanie McMahon and Nick Khan have been named co-CEOs, while Triple H has been named Head of Creative.
1587904036648493057