“Special Committee of the Board is conducting an investigation into alleged misconduct by its Chairman and CEO Vincent McMahon and John Laurinaitis, head of talent relations, and that, effective immediately,
McMahon has voluntarily stepped back from his responsibilities as CEO and Chairman of the Board until the conclusion of the investigation,” the WWE said in a release.
“(McMahon) will retain his role and responsibilities related to WWE’s creative content during this period and remains committed to cooperating with the review underway.”
McMahon has owned the company, which previously was known as the World Wrestling Federation, since 1982.
“I have pledged my complete cooperation to the investigation by the special committee, and I will do everything possible to support the investigation,” McMahon said in the release.
“I have also pledged to accept the findings and outcome of the investigation, whatever they are.” McMahon’s daughter, Stephanie, confirmed on Twitter that she will serve as interim CEO and chairwoman.
She previously served as the company’s chief brand officer before taking a leave of absence last month.
“Until the conclusion of the investigation into recent allegations, I am honored to assume the role of interim Chairwoman & CEO,” she wrote.