The sports world was shocked last week when WWE CEO Vince McMahon retired after over 40 years in that role with the company. That move came with the WWE board of directors continuing to investigate McMahon for misconduct allegations, along with doling out more than $12 million in non-disclosure agreements over the past 16 years. And Monday saw a notable new development there, with WWE announcing in a SEC filing that it would “restate some of its financial results” after unrecorded payments from McMahon.
WWE's 8-K states the company found $14.6 million in payments by Vince McMahon *that should have been recorded as company expenses*. WWE will reissue financial statements for 2019, 2020, 2021, and Q1 2022.
➡️More detail and analysis:https://t.co/fQZu7l0eyb
— Brandon Thurston (@BrandonThurston) July 25, 2022
The expenses total $14.6 million made from 2006, the company said on Monday. This includes financial statements for the years ended 2019, 2020, and 2021, as well as the first quarter of 2022.
WWE also named their co-CEOs and their new plan for creative moving forward. They’ve picked Stephanie McMahon (previously chief brand officer and interim CEO) and Nick Khan (previously company president) as the new co-CEOs. Paul Levesque, the former WWE superstar better known to many as Triple H and the husband of Stephanie McMahon, will be the new head of the company’s creative team.
WWE has appointed Stephanie McMahon and Nick Khan as its new co-CEOs.
Paul Levesque, also known as Triple H, will oversee WWE’s creative, previously led by Vince McMahon. pic.twitter.com/w4Kzx1RNGy
— Front Office Sports (@FOS) July 25, 2022
This is obviously a necessity for the WWE to move forward from this controversy that has been surrounding them since these reports about McMahon emerged. But given McMahon’s long tenure in the company, it will certainly be interesting moving forward to see how operations change within WWE under this new management team.