Vince McMahon is stepping aside from his role as CEO and chairman of World Wrestling Entertainment during an investigation into a report that he agreed to pay a former employee to stay quiet about an alleged affair.
McMahon stepped back from his responsibilities as CEO and Chairman of the company due to an investigation into his conduct.
McMahon will retain his role and responsibilities related to the creative content of the company during this time. He will be on "Smack Down" on Friday.
I will do all I can to support the investigation by the Special Committee. McMahon said in a statement that he would accept the results of the investigation.
McMahon's daughter will be the interim CEO of the company. She took a leave of absence from most of her responsibilities last month. She was the company's Chief Brand Officer.
The Wall Street Journal reported Wednesday that McMahon agreed to a secret $3 million settlement with a former employee. According to the Journal, the separation agreement was signed to prevent the woman from talking about her relationship with McMahon. According to the report, an investigation began in April and has uncovered more than one nondisclosure agreement between McMahon and former employees.
Until the investigation is complete, there will be no further comment from the company. The allegations against McMahon were not specified. A review of the company's compliance program, HR function and overall culture will be done by an independent third party.
McMahon built a global wrestling powerhouse and media conglomerate after buying the World Wrestling Federation from his father.
McMahon has a majority of the shareholders' voting power.
This report was made using information from The Associated Press.
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