WWE have announced that Vince McMahon has stepped back from his role as WWE CEO effectively immediately.

It has been announced that WWE Chairman Vince McMahon has stepped back from his from his responsibilities as CEO and Chairman of the Board.

The Special Committee has appointed Stephanie McMahon to serve as interim CEO and interim Chairwoman.

The move comes after it was reported June 15th news broke that Vince McMahon was being investigated by WWE’s board of directors over allegations that he paid $3 million to a former employee with whom he had previously had an affair.

It was also noted that that the board’s investigation has also unearthed older non-disclosure agreements that surround claims of misconduct made by other former female WWE employees that involve both Vince McMahon and WWE’s Head of Talent Relations, John Laurinaitis.

In a statement on WWE’s corporate website, Vince McMahon pledged to cooperate with the investigation and accept any findings.

“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 Mr. McMahon.

“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,”

The statement closed by adding the following:

WWE and its Board of Directors take all allegations of misconduct very seriously. The Independent Directors of the Board engaged independent legal counsel to assist them with an independent review. In addition, the Special Committee and WWE will work with an independent third-party to conduct a comprehensive review of the company’s compliance program, HR function and overall culture.

The Company and the Board do not expect to have further comment until the investigation is concluded.”

Despite stepping back from his corporate role, Vince McMahon will retain his responsibilities related to WWE’s creative content.

Credit: James Holder