- WWE said a special committee’s probe into alleged misconduct by Vince McMahon has concluded.
- “Management is working with the Board of Directors to implement the recommendations of the Special Committee related to the investigation,” the company said.
- McMahon, wo retired as CEO this summer, is the top shareholder and can “effectively exercise control over our affairs,” the company said.
World Wrestling Entertainment said Wednesday that a special committee investigating alleged misconduct and secret payments by former CEO Vince McMahon had disbanded.
“The Special Committee investigation is now complete and the Special Committee has been disbanded,” the company said in a securities filing. “Management is working with the Board of Directors to implement the recommendations of the Special Committee related to the investigation.”
McMahon retired in July after WWE said he had paid out nearly $20 million in previously unrecorded expenses. McMahon is still the biggest shareholder in WWE, and his daughter, Stephanie McMahon, is co-CEO.
“Mr. McMahon can effectively exercise control over our affairs,” the company said in Wednesday’s filing.
Almost $15 million were paid to settle sexual misconduct allegations from four women against McMahon over the past 16 years. He paid $5 million to Donald Trump’s now-defunct foundation through donations in 2007 and 2009.
WWE, which has been mentioned as a potential acquisition target, has suggested that the hush money payments are under investigation by other entities.
Shares of the company, which reported an increase in quarterly revenue on Wednesday, have bucked broader market trends this year. The stock is up 57% through Wednesday’s close.
Source: Business - cnbc.com
