World Wrestling Entertainment announced on Friday that its famed CEO, Vince McMahon, has stepped down from his leadership responsibilities as the company investigates allegations of misconduct against him.
The WWE Board of Directors named McMahon’s daughter, Stephanie McMahon, as CEO and interim president until the investigation is concluded.
“I have pledged my full cooperation with the special committee’s investigation, and I will do everything possible to support the investigation,” Vince McMahon said in a statement released by the Stamford, Connecticut-based company. “I am also committed to accepting the findings and results of the investigation, whatever they may be.”
Despite the uncertainty of his current status, McMahon will appear on “WWE Friday Night SmackDown” at 8 p.m. EDT, the company announced Friday morning. It’s unclear if he’ll use the appearance to comment on the council’s probe.
Stephanie McMahon also said she would support the ongoing investigation.
“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,” she said in a company statement.
“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 bring implement its findings.”
WWE’s board of directors said it was investigating both the elder McMahon and head of talent relations John Laurinaitis for “alleged misconduct”, but did not detail any of the charges.
The Wall Street Journal reported that WWE’s board wanted to know if McMahon paid a former employee $3 million to keep quiet about an affair between the two.
The ongoing investigation is also looking into allegations of other nondisclosure agreements involving former WWE employees and Laurinaitis, the newspaper reported.
This is a developing story. Please check for updates.