Vince McMahon Steps Back as WWE CEO and Chairman, Daughter Stephanie Named as Replacement

WWE founder and CEO Vince McMahon has "voluntarily stepped back" from his roles as CEO and chairman as the board of directors investigates claims of misconduct against him and John Laurinaitis, head of talent relations. The board of World Wrestling Entertainment Inc. announced the move early Friday morning. Per the release, McMahon will retain his role and responsibilities related to WWE's creative content during the investigative period, adding that he "remains committed to cooperating with the review underway."

In a statement, McMahon said, "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." In his place, McMahon's daughter Stephanie McMahon has been appointed as interim CEO and interim chairwoman. Stephanie shared that she loves the company and is "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 shakeup came after The Wall Street Journal revealed in a Wednesday investigative report that McMahon reportedly offered a $3 million settlement to a former female employee with whom he had an affair. Reportedly signed in January, the separation agreement prevents the former, unnamed employee "from discussing her relationship with Mr. McMahon or disparaging him. The Journal, citing documents and the accounts of people familiar with the board inquiry, reported that the investigation began in April and has "unearthed other, older nondisclosure agreements involving claims by former female WWE employees of misconduct by Mr. McMahon. The investigation also reportedly found misconduct claims against Laurinaitis.

In the Friday release confirming the investigation and announcing McMAhon's decision to step back from his duties, the WWE board said it takes "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." It added that "the Company and the Board do not expect to have further comment until the investigation is concluded."