Vince McMahon steps down as WWE CEO and Chairman

Vince McMahon has voluntarily stepped away from his duties as CEO and Chairman of WWE amidst investigations by the company's board over a $3 million settlement he made with a former employee to keep her silent about their affair.The move comes after a report by The Wall Street Journal said that McMahon made a secret separation agreement with the ex-employee which prevented her from talking about their relationship in public or making disparaging comments about him. The investigation by the board, which started in April, uncovered many other nondisclosure agreements over the years involving misconduct claims against the 76-year-old and John Laurinaitis, WWE's head of talent relations.

WWE said in a release that a special committee is conducting the investigation into the claims made against McMahon and Laurinaitis. The statement also revealed that the 76-year-old will be stepping away from the role as the Chairman and CEO of the company until the conclusion of the investigation. However, he will retain his responsibilities related to creative content during that time.McMahon commented on the matter in the statement and pledged his complete cooperation to the investigation and said he would accept the outcome.“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.Stephanie McMahon has been appointed as the interim CEO and interim Chairwoman by the special committee. She issued a statement saying that she would work with the independent directors to strengthen the culture and the company.