Rumor Killer Regarding Possible Legal Action Against Top WWE Executive
WWE is reeling from a Wall Street Journal report regarding Vince McMahon and an investigation conducted by the Board of Directors. In the midst of this, Kevin Dunn, the company's Executive Producer & Chief of Global Television Distribution, was himself falsely rumored to have his own legal issues.
Rumors circulated that Dunn was being investigated for "insider trading," suggesting the executives' decision to sell 15,000 shares of the company's stock was done in response to the McMahon investigation.
However, Mike Johnson of PWInsider says there is no validity to these rumors. He noted that Dunn does not sit on the Board of Directors and wouldn't be held to the same rules when it comes to selling stock:
"Of the 12 current WWE Board Members, Dunn is not listed on the Board and has not been listed for years... he would have been free and clear to sell stock without any restrictions that might apply to members of the WWE's Board of Directors... top executives all have restrictions on when they can sell stock and when they do sell it in great numbers, they need to apply and receive corporate approval from the company itself before moving forward with a sale." - Mike Johnson (h/t PWInsider)
As per reports, #WWE is investigating a $3 million settlement that WWE CEO Vince McMahon reached with a former female employee.
#WWERaw #SmackDown #VinceMcMahon https://t.co/8hpe655R12
Kevin Dunn has been a top executive for Vince McMahon's company for over 20 years, starting his WWE career in 1984. Dunn has played a central role in nearly every facet of the company's programming.
Can WWE's Board of Directors "Fire" Vince McMahon?
Despite the ongoing investigation being conducted by his own Board of Directors, the professional wrestling mastermind will still be able to hold his position at the company.
According to Wrestling Observer Radio host Dave Meltzer, McMahon still owns a huge majority of voting power on the board:
"Even though Vince does not own a majority of the stock, Vince owns, the way that the stock is set up, Vince owns a huge majority of the voting power, so it’s not like Vince can be voted out," said Meltzer.
During an investigation of a $3M settlement WWE CEO Vince McMahon agreed to pay a departing employee w/whom he allegedly had an affair, the WWE board has unearthed other, older NDAs involving claims of misconduct against McMahon & another top exec. wsj.com/articles/wwe-b…
Since the company's Board of Directors cannot dismiss McMahon, the only way Vince will be leaving the company would be through his own volition. At this time, there are no signs of that happening.