KTAF NEWS

Stephanie McMahon has announced her resignation from WWE (World Wrestling Entertainment).

The 46-year-old had been co-CEO and chairwoman since July, taking over from her father Vince who retired following a number of misconduct claims.

But he has now been unanimously elected to be chairman again, the company said.

“I look forward to cheering on WWE from the other side of the business,” Stephanie wrote in her resignation statement.

“Stephanie has always been the ultimate ambassador for our company, and her decades of contributions have left an immeasurable impact on our brand,” Vince McMahon said.

The 77-year-old, who ran the company for four decades, initially returned to the board last week, saying that was the only way for WWE to fully capitalise on growing demand for content and live entertainment.

Last year, he stepped down from his roles in WWE following reports he paid millions to suppress allegations of sexual misconduct and infidelity – but remained the majority shareholder.

The company says it is exploring “strategic alternatives”, with rumours of some type of sale taking place.

Stephanie has been a part of the company since the 1990s, appearing as an in-ring performer and leading the company in various roles behind the scenes.

After husband and former WWE champion Triple H suffered a heart problem, she stepped away from her main role as chief brand officer “to focus on my family”.

But, after what she describes as “the opportunity of a lifetime” came up, Stephanie returned to replace her father.

“WWE is in such a strong position, that I have decided to return to my leave and take it one step further with my official resignation,” she said.

Last year, The Wall Street Journal reported that Vince McMahon had agreed to pay $3m (£2.5m) to a former paralegal who said he sexually harassed her at work.

He reportedly agreed to an upfront payment of $1m, with the rest to be doled out over five years and apparently paid by Mr McMahon personally.

Despite initial reports that he would remain in post as the company’s CEO and chairman, the WWE board announced an investigation after it emerged that he had paid more than $12m to four other women to hide numerous allegations of infidelity.

The women – all former employees of WWE – signed agreements that barred them from discussing their relationships with him in exchange for the payments.