WWE® & Board of Directors Joint Release
June 17 2022 - 7:00AM
Business Wire
WWE and its Board of Directors jointly released the following
statement today:
Independent directors continue review of
alleged executive misconduct
Stephanie McMahon named interim CEO and interim
Chairwoman
Stamford, Conn. – WWE (NYSE: WWE) and the Board of Directors
today announced that a Special Committee of the Board is conducting
an investigation into alleged misconduct by its Chairman and CEO
Vincent McMahon and John Laurinaitis, head of talent relations, and
that, effective immediately, McMahon has voluntarily stepped back
from his responsibilities as CEO and Chairman of the Board until
the conclusion of the investigation. McMahon will retain his role
and responsibilities related to WWE’s creative content during this
period and remains committed to cooperating with the review
underway.
The Special Committee has appointed Stephanie McMahon to serve
as interim CEO and interim Chairwoman.
“I have pledged my complete cooperation to the investigation by
the Special Committee, and I will do everything possible to support
the investigation. I have also pledged to accept the findings and
outcome of the investigation, whatever they are,” said Mr.
McMahon.
“I love this company and am committed to working with the
Independent Directors to strengthen our culture and our Company; it
is extremely important to me that we have a safe and collaborative
workplace. I have committed to doing everything in my power to help
the Special Committee complete its work, including marshaling the
cooperation of the entire company to assist in the completion of
the investigation and to implement its findings,” said Ms.
McMahon.
WWE and its Board of Directors take all allegations of
misconduct very seriously. The Independent Directors of the Board
engaged independent legal counsel to assist them with an
independent review. In addition, the Special Committee and WWE will
work with an independent third-party to conduct a comprehensive
review of the company’s compliance program, HR function and overall
culture.
The Company and the Board do not expect to have further comment
until the investigation is concluded.
About WWE
WWE, a publicly traded company (NYSE: WWE), is an integrated
media organization and recognized leader in global entertainment.
The Company consists of a portfolio of businesses that create and
deliver original content 52 weeks a year to a global audience. WWE
is committed to family-friendly entertainment on its television
programming, premium live event, digital media and publishing
platforms. WWE’s TV-PG programming can be seen in more than 1
billion homes worldwide in 30 languages through world-class
distribution partners including NBCUniversal, FOX Sports, BT Sport,
Sony India and Rogers. The award-winning WWE Network includes all
premium live events, scheduled programming and a massive
video-on-demand library and is currently available in more than 180
countries. In the United States, NBCUniversal’s streaming service,
Peacock, is the exclusive home to WWE Network.
Additional information on WWE (NYSE: WWE) can be found at
wwe.com and corporate.wwe.com.
Trademarks: All WWE programming,
talent names, images, likenesses, slogans, wrestling moves,
trademarks, logos and copyrights are the exclusive property of WWE
and its subsidiaries. All other trademarks, logos and copyrights
are the property of their respective owners.
Forward-Looking Statements: This
press release contains forward-looking statements pursuant to the
safe harbor provisions of the Securities Litigation Reform Act of
1995, which are subject to various risks and uncertainties. These
risks and uncertainties include, without limitation, risks relating
to: the impact of the COVID-19 outbreak on our business, results of
operations and financial condition; entering, maintaining and
renewing major distribution agreements; a rapidly evolving media
landscape; WWE Network (including the risk that we are unable to
attract, retain and renew subscribers); our need to continue to
develop creative and entertaining programs and events; the
possibility of a decline in the popularity of our brand of sports
entertainment; the continued importance of key performers and the
services of Vincent K. McMahon; possible adverse changes in the
regulatory atmosphere and related private sector initiatives; the
highly competitive, rapidly changing and increasingly fragmented
nature of the markets in which we operate and greater financial
resources or marketplace presence of many of our competitors;
uncertainties associated with international markets including
possible disruptions and reputational risks; our difficulty or
inability to promote and conduct our live events and/or other
businesses if we do not comply with applicable regulations; our
dependence on our intellectual property rights, our need to protect
those rights, and the risks of our infringement of others’
intellectual property rights; the complexity of our rights
agreements across distribution mechanisms and geographical areas;
potential substantial liability in the event of accidents or
injuries occurring during our physically demanding events including
without limitation, claims alleging traumatic brain injury; large
public events as well as travel to and from such events; our
feature film business; our expansion into new or complementary
businesses and/or strategic investments; our computer systems and
online operations; privacy norms and regulations; a possible
decline in general economic conditions and disruption in financial
markets; our accounts receivable; our indebtedness including our
convertible notes; litigation; our potential failure to meet market
expectations for our financial performance, which could adversely
affect our stock; Vincent K. McMahon exercises control over our
affairs, and his interests may conflict with the holders of our
Class A common stock; a substantial number of shares are eligible
for sale by the McMahons and the sale, or the perception of
possible sales, of those shares could lower our stock price; and
the volatility of our Class A common stock. In addition, our
dividend is dependent on a number of factors, including, among
other things, our liquidity and historical and projected cash flow,
strategic plan (including alternative uses of capital), our
financial results and condition, contractual and legal restrictions
on the payment of dividends (including under our revolving credit
facility), general economic and competitive conditions and such
other factors as our Board of Directors may consider relevant.
Forward-looking statements made by the Company speak only as of the
date made and are subject to change without any obligation on the
part of the Company to update or revise them. Undue reliance should
not be placed on these statements. For more information about risks
and uncertainties associated with the Company’s business, please
refer to the “Management’s Discussion and Analysis of Financial
Condition and Results of Operations” and “Risk Factors” sections of
the Company’s SEC filings, including, but not limited to, our
annual report on Form 10-K and quarterly reports on Form 10-Q.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20220617005196/en/
WWE Media
Chris Legentil Chris.Legentil@wwecorp.com
WWE Investor
Seth Zaslow Seth.Zaslow@wwecorp.com
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