Vince McMahon Steps Back As WWE CEO & Chairman, Stephanie McMahon Named As Interim Replacement

Following a Wall Street Journal report earlier this week that revealed WWE's board are investigating a $3 million hush payment Vince McMahon made to a former employee, WWE announced today a "Special Committee of the Board is conducting an investigation into alleged misconduct by its Chairman and CEO Vincent McMahon and John Laurinaitis."

Effective immediately, Vince McMahon has voluntarily stepped back as WWE CEO and Chairman of the Board until the investigation is concluded. He will, however, retain his responsibilities for WWE creative. Stephanie McMahon has been appointed interim CEO and Chairwoman by the Special Committee.

Vince McMahon 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."

Stephanie 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 marshaling the cooperation of the entire company to assist in the completion of the investigation and to implement its findings."

Along with the investigation into McMahon and Laurinaitis, WWE will work with a third party "to conduct a comprehensive review of the company’s compliance program, HR function and overall culture."