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WWE Board Investigates CEO's Secret $3M Settlement to Former Employee - Report

Stock Markets Jun 15, 2022 05:19PM ET
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© Reuters. WWE Board Investigates CEO's Secret $3M Settlement to Former Employee - Report

By Davit Kirakosyan

According to the Wall Street Journal, World Wrestling Entertainment's (NYSE:WWE) Board of Directors is investigating a secret $3 million settlement, made by the company's longtime CEO Vince McMahon, who agreed to pay a departing employee with whom he allegedly had an affair.

According to documents and people familiar with the matter, the January 2022 separation agreement bars the now-former employee from discussing her relationship with Mr. McMahon or disparaging him.

The woman, who was hired as a paralegal in 2019, was initially hired at a salary of $100,000. According to the anonymous emails received from someone who claims the former paralegal was a friend, her salary was increased to $200,000 after beginning a sexual relationship with the CEO.

The board’s investigation began in April, with eight independent directors retaining New York-based law firm Simpson Thacher & Bartlett LLP to conduct the investigation. According to the people familiar with the matter, older nondisclosure agreements involving claims by the company’s former female employees of misconduct by Mr. McMahon and the head of talent relations of the company John Laurinaitis, have also been unearthed. People say that the board’s preliminary findings show that Mr. McMahon used personal funds to pay the former employees (number of previous agreements is unknown), who signed the agreements.

Mr. McMahon effectively controls the company, given his ownership of the majority of the company’s Class B shares, giving him a majority of shareholders’ voting power.

WWE Board Investigates CEO's Secret $3M Settlement to Former Employee - Report
 

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Sam F
Sam F Jun 16, 2022 5:14AM ET
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Will McMahon and Laurenaitis be held accountable??
 
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