Vince McMahon steps back from his role as WWE CEO as the board investigates misconduct allegations against him and another exec

• Vince McMahon has stepped back from his role as the CEO of WWE, the company said Friday.
• The board is investigating misconduct allegations against him and WWE's head of talent relations.

WWE announced Friday that its powerful CEO, Vince McMahon, had "voluntarily stepped back" from his responsibilities as CEO and chair, "effective immediately," as a special committee of the board investigated misconduct allegations against McMahon and the company's head of talent relations, John Laurinaitis.

McMahon's daughter, Stephanie McMahon, has stepped in as interim CEO and chair, though Vince McMahon will continue to oversee creative content, the company said.

"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 a statement. "I have also pledged to accept the findings and outcome of the investigation, whatever they are."

The company said outside legal counsel was assisting in the board's review. It added that the company and board would work with a third party to "conduct a comprehensive review of the company's compliance program, HR function and overall culture."

The Wall Street Journal first reported on Wednesday that WWE's board was investigating payments McMahon made to former female employees, some of whom had accused McMahon and Laurinaitis of misconduct. The payments prohibited them from speaking out about the agreements, The Journal reported, citing people familiar with the investigation.

The inquiry started in April after the board received a tip about a $3 million payment to a former female paralegal that McMahon is alleged to have had an affair with, The Journal reported. A WWE spokesperson told The Journal that McMahon's relationship with the former paralegal was consensual.

Stephanie McMahon announced in May that she'd be taking a leave of absence "from the majority" of her responsibilities at the company to focus on her family. Insider's Claire Atkinson reported earlier this month that Stephanie McMahon could be replaced as part of a leadership shake-up initiated by her father. But the board has named her interim CEO during its investigation.

Vince McMahon has held an iron grip on the wrestling-entertainment company for four decades and has largely been seen as an untouchable figure.

He rarely does media interviews but appeared on "The Pat McAfee Show" in March. When asked whether he thought about the future of WWE without him, particularly in the context of one of his children succeeding him, McMahon replied: "Hopefully, if you built something, you want it to continue on and prosper and grow, whether that's with a family member or without a family member."

He added: "You have to do what's right for the business, so if this person isn't working out, then they shouldn't be part of the company."