Vince McMahon steps down as WWE Chairman and CEO over 'alleged misconduct'; Stephanie McMahon named interim Chairwoman

WWE Chairman and CEO Vince McMahon has voluntarily stepped down from his responsibilities after WWE and the Board of Directors on Friday announced that a Special Committee of the Board will be conducting an investigation into "alleged misconduct" by McMahon and John Laurinaitis, head of talent relations.

The 76-year-old will however retain his role and responsibilities pertaining to WWE’s creative content during this period of the investigation.

“I have pledged my complete cooperation to the investigation by the Special Committee, and I will do everything possible to support the investigation. I have also pledged to accept the findings and outcome of the investigation, whatever they are,” said McMahon.

The announcement came in the wake of a report by Wall Street Journal on Wednesday that claimed that WWE is investigating into a $3 million settlement which was agreed upon by McMahon and an ex-employee over an alleged affair. Meanwhile, other non-disclosure agreements by former employees, found during the investigation, also direct towards an act of misconduct by McMahon and Laurinaitis.

Meanwhile, Stephanie McMahon will be serving as the interim CEO and interim Chairwoman as appointed by the Special Committee.

“I love this company and am committed to working with the Independent Directors to strengthen our culture and our Company; it is extremely important to me that we have a safe and collaborative workplace. I have committed to doing everything in my power to help the Special Committee complete its work, including marshaling the cooperation of the entire company to assist in the completion of the investigation and to implement its findings,” said Stephanie.

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