His daughter Stephanie McMahon has been named interim CEO of WWE.
Vince McMahon has stepped back from his responsibilities as CEO and Chairman of WWE amid a probe into alleged misconduct.
The wrestling entertainment company announced on Friday (17 June) that a special committee of its Board of Directors are conducting an investigation into alleged misconduct by McMahon and WWE head of talent relations John Laurinaitis.
It also stated that, effective immediately, McMahon has "voluntarily stepped back" as CEO and Chairman of the Board until the investigation is concluded.
"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 in a statement.
The Special Committee has appointed Vince McMahon's daughter Stephanie McMahon to serve as interim CEO and interim chairwoman.
“I have pledged my complete cooperation to the investigation by the Special Committee, and I will do everything possible to support the investigation," Mr McMahon said.
"I have also pledged to accept the findings and outcome of the investigation, whatever they are."
Ms McMahon added: “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 marshalling the cooperation of the entire company to assist in the completion of the investigation and to implement its findings."
The WWE statement follows a report in the
Wall Street Journal on Wednesday, citing documents and people familiar with the situation, that the Board of the company is investigating a secret $3 million settlement that Vince McMahon agreed to pay to a departing employee with whom he allegedly had an affair.
A WWE spokesperson told the outlet that the relationship between McMahon and the now-former employee was consensual.
"WWE and its Board of Directors take all allegations of misconduct very seriously," the company said on Friday.
"The company and the Board do not expect to have further comment until the investigation is concluded."
