Vince McMahon steps down as WWE CEO after allegations of silence over money

In the meantime, his daughter Stephanie McMahon will serve as interim CEO and interim president, WWE (WWE) He said in a statement Friday.

McMahon is not going to completely disappear from the company. He will retain his role related to WWE creative content while the investigation continues, and will appear as a character during wrestling matches. company chirp Friday that McMahon will appear on the company’s Friday night wrestling show, “Smackdown,” which airs on Fox.

A special committee of the company’s board of directors began investigating McMahon. The The Wall Street Journal It was reported Thursday that McMahon paid a confidential $3 million settlement to a former employee he allegedly had an affair with. The separation agreement, which was reportedly struck in January, prevents the unnamed former employee from “discussing or belittling her relationship with Mr. McMahon,” according to the newspaper.

The newspaper reported that the investigation began in April and “revealed other, older nondisclosure agreements relating to allegations by former female WWE employees of misconduct by Mr. McMahon”. Other allegations of misconduct have reportedly been found against John Laurinitis, the company’s head of talent relations.

WWE said Friday that it takes “all allegations of misconduct seriously” and has engaged independent legal services to assist in the review. The third party will also “conduct a comprehensive review of the company’s compliance program, human resources function, and general culture.”

The company’s board of directors consists of executives who report to McMahon and even members of the private McMahon family. This includes Stephanie McMahon as well as Paul Levesque, her husband and former stage-name wrestler, Triple H Vince McMahon controlling the majority of the voting power.

The CEO helped turn the company into a media powerhouse, which currently has deals with Fox and NBCUniversal. McMahon also helped create many famous wrestlers, such as The Rock, John Cena, and Stone Cold Steve Austin, who became bigger than WWE itself.

WWE shares are up over 30% year-to-date, which is far from the current bear market.

CNN Business Frank Pallotta contributed to this report.