A special committee looking into alleged wrongdoing and covert payments by former CEO Vince McMahon disbanded, according to World Wrestling Entertainment on Wednesday.
The business stated in a securities filing that “the Special Committee investigation is now complete and the Special Committee has been disbanded.” “Management is collaborating with the Board of Directors to put the Special Committee’s recommendations pertaining to the investigation into action.”
After WWE revealed that McMahon had paid over $20 million in previously unrecorded expenses, he announced his retirement in July. The majority shareholder in WWE is still McMahon, and his daughter Stephanie McMahon serves as co-CEO.
According to the company’s filing on Wednesday, Mr. McMahon “can effectively exercise control over our affairs.”
Over the course of the previous 16 years, McMahon was accused of sexual misconduct by four women, with settlements totaling over $15 million. He donated $5 million in 2007 and 2009 to Donald Trump’s now-defunct foundation.
WWE has stated that other organisations are looking into the hush money payments; WWE has been considered as a possible purchase target.
The stock of the company, which on Wednesday increased its quarterly revenue, has defied general market trends this year. Through Wednesday’s close, the stock has increased by 57%.