Independent Directors Continue Review of Alleged Management Misconduct
Stephanie McMahon named interim CEO and interim president
The Special Committee named Stephanie McMahon as interim CEO and interim president.
“I have pledged my full cooperation with the Special Committee’s investigation, and I will do my best to support the investigation. I have also pledged to accept the findings and results of the investigation, whatever they may be. said Mr. McMahon.
“I love this company and am committed to working with the independent directors to strengthen our culture and our business; it is extremely important to me that we have a safe and collaborative workplace. I am committed to doing everything in my power to help the Special Committee complete its work, including enlisting the cooperation of the entire company to help complete the investigation and implement its findings,” Ms. McMahon said.
WWE and its Board of Directors take all allegations of misconduct very seriously. The independent directors of the board have engaged independent legal counsel to assist them with an independent review. Additionally, the Special Committee and WWE will work with an independent third party to conduct a comprehensive review of the compliance program, HR function and general corporate culture.
The Company and the Board do not expect to comment further until the investigation is complete.
WWE, a publicly traded company (NYSE: WWE), is an integrated media organization and a recognized leader in global entertainment. The company consists of a portfolio of companies that create and deliver original content 52 weeks a year to global audiences. WWE is committed to providing family entertainment on its television programming, premium live events, digital media and publishing platforms. WWE TV-PG programming can be seen in more than one 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 huge library of on-demand videos and is currently available in over 180 countries. In
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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, but are not limited to, risks related to: the impact of the COVID-19 outbreak on our business, results of operations and financial condition; enter into, maintain and renew major distribution agreements; a rapidly changing media landscape; WWE Network (including the risk that we may not be able 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 sports entertainment brand; the continued importance of key performers and the services of Vincent K. McMahon; possible adverse changes in the regulatory environment and related private sector initiatives; the highly competitive, rapidly changing and increasingly fragmented nature of the markets in which we operate and the increased financial resources or market 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 activities if we fail to comply with applicable regulations; our reliance on our intellectual property rights, our need to protect those rights, and the risks of our infringement of the intellectual property rights of others; the complexity of our rights agreements across distribution mechanisms and geographies; potential substantial liability for accidents or injuries occurring at our physically demanding events, including, without limitation, claims alleging traumatic brain injury; major 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 standards and regulations; possible deterioration in general economic conditions and disruption of financial markets; our accounts receivable; our debt, including our convertible notes; dispute; our potential inability to meet market expectations regarding our financial performance, which could negatively impact 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 such shares could cause our share price to decline; 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 historical and projected liquidity and cash flows, our strategic plan (including other uses of capital), our results and financial condition, contractual and legal restrictions on the payment of dividends (including under our revolving credit facility), general economic and competitive conditions and any other factors that our advice d administration may deem relevant. Forward-looking statements made by the Company speak only as of the date they are 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 on the 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 filings. by the Company with the SEC, including, but not limited to, our annual report on Form 10-K and quarterly reports on Form 10-Q.