By Sam Boughedda
World Wrestling Entertainment Inc (NYSE:WWE) Chairman Vince McMahon has voluntarily stepped back from his responsibilities until the conclusion of the investigation into alleged misconduct, the company announced Friday.
The news follows reports that McMahon secretly agreed to pay a former employee $3 million in January, with the WWE chief and employee allegedly having had an affair.
McMahon's daughter, Stephanie McMahon, will step in and serve as interim CEO and interim Chairwoman while the investigation continues.
“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,” said Ms. McMahon.
The WWE Board of Directors said a Special Committee of the Board is conducting an investigation into the alleged misconduct of McMahon and John Laurinaitis, WWE's head of talent relations.
However, during the investigation, McMahon will retain his role and responsibilities related to WWE’s creative content.
“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 McMahon.