Vince McMahon, CEO and WWE figure, leaves his position while being investigated for improper conduct

World Wrestling Entertainment Inc (WWE), one of the biggest wrestling and entertainment firms, said chief executive Vince McMahon will step down while the board investigates allegations of misconduct by him and another executive.

McMahon, who is also chairman, will retain his creative content-related responsibilities for the company during the term, according to a statement Friday. Stephanie McMahon was appointed by a special committee of the board to serve as Interim CEO and Interim President.

“I have pledged my full cooperation with the special committee’s investigation and will do my best to support the investigation,” Vince McMahon said in the statement. “I have also pledged to accept the findings and the outcome of the investigation, whatever they may be.”

The move comes several days after a Wall Street Journal report, citing people familiar with the matter, described a secret $3 million payment McMahon made to a former employee with whom he allegedly had an affair, as well as settlement agreements. confidentiality with other employees. The investigation is also seeking similar deals with John Laurinaitis, a former wrestler who manages talent relations for WWE.

WWE’s board said Friday that it has retained independent legal counsel to assist in the investigation and will work with a third party to conduct a review of the company’s compliance program, human resources function, and overall culture.