Vince McMahon Steps Back from WWE CEO Role Due to Investigation, Stephanie McMahon Named Interim CEO

The WWE has announced that Vince McMahon has "stepped back" from his roles as CEO and chairman of the board as the result of an ongoing investigation into alleged misconduct involving McMahon paying $3 million to a former employee to keep quiet about an alleged affair he had with her. His daughter Stephanie McMahon will serve as interim CEO and interim chairwoman until the investigation is complete. However, Vince McMahon will remain the head booker of WWE's on-air product and will retain his roles and responsibilities related to WWE's creative product. 

The Wall Street Journal was the first to report on McMahon's alleged affair and subsequent payment to the employee to keep quiet. The report also alleged that John Laurinaitis, the head of WWE's talent relations, was also involved with the cover-up and is also being investigated for misconduct.  The board began the investigation after receiving an anonymous tip and has since discovered that other former employees also signed NDAs to prevent them from speaking out about possible misconduct. The WWE's board of directors has engaged an independent legal counsel to assist in the investigation, with WWE pledging to cooperate with the investigation and McMahon pledging to accept the findings and outcome of the investigation.

McMahon has served as CEO of WWE since 2009, when his wife Linda McMahon resigned from the position to pursue political office. Meanwhile, Stephanie McMahon has been involved with the WWE as both on-air talent and as a corporate executive, most recently serving as the WWE's chief brand officer before rather unexpectedly taking a leave of absence from her role earlier this year. 

"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," said Stephanie McMahon in the announcement of her role as interim CEO. "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."