In the latest celebrity news update today you are going to get all information about of McMahon, the head of WWE, resigning amid claims of sexual misconduct. Read the whole article to find out more about current celebrity news.
Vince McMahon, the head of World Wrestling Entertainment (WWE), announced his retirement amidst a barrage of allegations of misconduct. He transformed the business into a global powerhouse from a regional competitor.
Following charges that he had spent millions of dollars to bury accusations of sexual misbehaviour and infidelity, he resigned from his positions in the WWE last month.
Mr McMahon still holds the Majority of WWW’s Shares
He has led WWE for a number of years and frequently competes in the ring. In a statement that left out referencing the charges levelled against him, Mr. McMahon gave his “sincere gratitude and admiration to our generations of fans around the world.
“The 76-year-old assured the world’s audience, “WWE will continue to thrill you with the same fervour, dedication, and emotion as before.”
“I really appreciate the guidance and support given over the years by the Board of Directors, stockholders, our business partners, and the community. Then. Now. Together, forever.”
The interim chair and Co-Ceo will be his daughter Stephanie
In accordance with a Wall Street Journal article from June, Mr. McMahon consented to pay $3 million (£2.5 million) to a former paralegal who accused him of harassing her sexually at work.
He reportedly agreed to a $1 million down payment, with the remaining sum to be distributed over five years and supposedly paid for by Mr. McMahon personally.
The WWE board announced a probe when it was revealed that he had paid more than $12 million to four other women to cover up many charges of infidelity, contrary to original reports that he would continue in his role as the company’s CEO and chairman. In his absence, his daughter assumed the roles of interim CEO and chair.
The ladies, who were all former employees of WWE, agreed to contracts with Mr. McMahon in exchange for the money that forbade them from disclosing their association with him.
Under Mr. McMahon’s leadership, the WWE has grown into a media giant that transmits its content in more than 180 nations and 30 languages.
When he bought the World Wrestling Federation from his father in 1982, matches were staged in small spaces, and the World Wrestling Federation’s occasional television broadcasts were limited to regional US cable stations.
But under his leadership, the organisation underwent a fundamental transition as a result of events like WrestleMania, a live event showcasing the sport’s biggest stars and attracting millions of people. The business’s revenue will surpass $1 billion for the first time in 2021.
As the sport expanded, Mr McMahon used his brash and theatrical demeanour to establish himself as one of its most recognisable figures.
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