Vince McMahon has been replaced by his daughter Stephanie during the investigation (Picture: Getty)
The 76-year-old businessman will be replaced by his daughter Stephanie McMahon until the conclusion of the board of director’s investigation into his and head of talent relations John Laurinaitis’ alleged behaviour.
He 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 a press release, the board of directors said McMahon has ‘voluntarily stepped back from his responsibilities as CEO and Chairman of the Board until the conclusion of the investigation’.
He will ‘retain his role and responsibilities related to WWE’s creative content during this period’, while his daughter Stephanie has been named interim CEO and interim Chairwoman.
Stephanie 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.
Vince McMahon will retain his creative role in the company (Picture: WWE)
‘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 news comes after the Wall Street Journal reported that Vince made a $3million (£2.47million) settlement with a former employee with whom he allegedly had an affair.
It’s claimed the investigation began in April and has reportedly revealed other older nondisclosure agreements (NDAs) regarding allegations of misconduct made against Mr. McMahon and Mr. Laurinaitis.
Stephanie McMahon will replace her dad as chair and CEO (Picture: WWE)
The board said the allegations are being taken ‘very seriously’, while there will be a ‘comprehensive review’ of the company.
They said: ‘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.
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‘The Company and the Board do not expect to have further comment until the investigation is concluded.’
Stephanie announced last month she was taking a leave of absence to focus on her family, while in March her husband Paul ‘Triple H’ Levesque confirmed his in-ring retirement months after he was left fighting for his life following a battle with viral pneumonia and heart failure, which has left him with a defibrillator in his chest.
Stephanie tweeted: ‘As of tomorrow, I am taking a leave of absence from the majority of my responsibilities at WWE. WWE is a lifelong legacy for me and I look forward to returning to the company that I love after taking this time to focus on my family.’
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