Vince McMahon is tapping out — for now, at least.
WWE said Friday that McMahon will step back from his role as the company's CEO as the board investigates allegations of misconduct. McMahon's daughter, Stephanie McMahon, has been named interim CEO and chairwoman.
The move comes after The Wall Street Journal revealed the WWE board is investigating a secret $3 million settlement between McMahon and a former employee, with whom he allegedly had an affair. During the investigation, the board reportedly turned up other nondisclosure agreements with former female employees who alleged misconduct by McMahon and head of talent relations John Laurinaitis.
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"I have pledged my complete cooperation to the investigation by the special committee, and I will do everything possible to support the investigation," McMahon said. "I have also pledged to accept the findings and outcome of the investigation, whatever they are."
Despite stepping aside as CEO, WWE said McMahon will "retain his role and responsibilities related to WWE's creative content," and he will appear on Friday's episode of SmackDown. According to CNBC, he plans to address the real-life scandal in character as his Mr. McMahon persona, who is typically portrayed as a villain.
McMahon's daughter, Stephanie, will be taking over the CEO duties less than one month after she announced she would take a leave of absence from her role as chief brand officer "to focus on my family." She said Friday she's "honored" to assume the role of interim chairwoman and CEO until the investigation concludes.
