WWE CEO and President Vince McMahon will step down from his duties as the company’s board of directors. Investigate alleged misconduct by executives, the company announced Friday.
The announcement of the move and the special committee’s investigation comes two days after The Wall Street Journal reported that the WWE board was looking into McMahon for paying a former employee $3 million to keep her. He was silent about the alleged relationship between the two of them.
The report said the investigation also deepened previous non-disclosure agreements with female former WWE employees who were accused of misconduct against McMahon and another executive, John Laurinaitis , who used to wrestle under the name Johnny Ace.
“I have committed to fully cooperate with the Special Committee’s investigation and I will do everything I can to assist with the investigation,” McMahon said in a Friday press release. “I have also pledged to accept the findings and results of the investigation, whatever they may be.”
McMahon’s daughter, Stephanie McMahon, will take over as interim CEO and President. Stephanie McMahon said in May that she would be stepping back from most of her duties as WWE chief executive officer to spend more time with her family.
This story is evolving. Please check back for updates.