Vince McMahon has voluntarily ‘stepped down’ as WWE’s (World Wrestling Entertainmanet) CEO and chairman, the company announced on Friday. 

This comes as McMahon is being investigated after he was accused of paying $3 million in hush money to an employee with whom he had an affair. The Wall Street Journal was the first to report the allegations.

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The internal investigation has uncovered several agreements related to misconduct claims that female employees brought against the 76-year-old founder and John Laurinaitis, WWE’s head of talent relations.

“McMahon will retain his role and responsibilities related to WWE’s creative content during this period and remains committed to cooperating with the review underway,” the company said.

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The proble is being handled by a special committee of the board. McMahon’s daughter Stephanie will serve as the interim CEO and interim chairwoman, WWE added. 

“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,” Vince McMahon said.

Meanwhile, the compant stressed on taking ‘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 McMohan’s hold control of the WWE through their ownership of Class B shares. The company is publicly traded. 

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“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,” Stephanie McMahon said.

“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.”