STAMFORD, Conn. (WTAJ) — World Wrestling Entertainment’s chairman and CEO, Vince McMahon, has temporarily stepped down from his position and duties as the board of directors conduct an investigation into alleged misconduct with a former employee, the company announced Friday.

WWE’s announcement comes amid allegations that McMahon was paying $3 million in “hush money” to a former employee with whom he had an affair, The Wall Street Journal reported, citing documents and sources “familiar with the inquiry.”

“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.

In the meantime, the special committee that is conducting the investigation has appointed Vince’s daughter, Stephanie McMahon, to serve as interim CEO and Chairwoman. Vince will reportedly retain his role with WWE creative and is expected to appear on SmackDown on FOX Friday night, June 17.

Stephanie McMahon was recently in the spotlight after announcing she was stepping away from her duties in the company and taking a ‘sabbatical’ to be with her family just days before her husband, Triple H (Paul Levesque), returned to his position with the company after a major health scare in 2021.

You can read the full statement from the WWE and the Board of Directors below:

Stamford, Conn. – WWE (NYSE: WWE) and the Board of Directors today announced that a Special Committee of the Board is conducting an investigation into alleged misconduct by its Chairman and CEO Vincent McMahon and John Laurinaitis, head of talent relations, and that, effective immediately, McMahon has voluntarily stepped back from his responsibilities as CEO and Chairman of the Board until the conclusion of the investigation.  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 Special Committee has appointed 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.  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,” said Ms. McMahon.

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.