Vince McMahon, chairman and CEO of WWE, is stepping back from his executive role in the midst of a misconduct investigation, the company said Friday.
McMahon and John Laurinaitis, head of WWE talent relations, are both being investigated for “alleged executive misconduct,” according to a company release Friday.
Earlier this week, The Wall Street Journal reported that McMahon paid a $3 million settlement to cover up an alleged affair with a former WWE paralegal. NBC News has not verified the Journal's reporting.
“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,” McMahon said in his statement on Friday.
His daughter, Stephanie McMahon, WWE's chief brand officer, is stepping in as interim chairwoman and CEO.
“I love this company and am committed to working with the Independent Directors to strengthen our culture and our Company,” she said. “It is extremely important to me that we have a safe and collaborative workplace.”
McMahon, 76, is a third-generation wrestling promoter. He has helmed the company since 1982, when he bought it from his father.
McMahon began his career as a commentator, but soon began jumping into the ring himself.
In the '90s, he developed a larger-than-life wrestling persona who started feuds with pro wrestlers including “Stone Cold” Steve Austin and Triple H.
In 2007, his "Mr. McMahon" character also launched a staged feud with former President Donald Trump, who appeared with him at a WWE event.
The WWE says it is working with an “independent third-party to conduct a comprehensive review of the company’s compliance program, HR function and overall culture,” adding that they will not comment further until the investigation has finished.