The WWE board have confirmed that the company's CEO Vince McMahon is being investigated for alleged misconduct.
The businessman, who bought the company in 1982 and has since gone on to dominate the wrestling industry, will stand down from his duties whilst the investigation is taking place. His daughter, Stephanie McMahon-Helmsley, will take his place, reports The Mirror.
This week, the Wall Street Journal alleged that McMahon, 76, had privately come to a £2.4 million settlement with a former employee over an alleged affair. According to the newspaper, the agreement was made in January and prevents the worker from discussing their relationship.
On Friday, the WWE confirmed: "The Board of Directors today announced that a 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.
"Effective immediately, McMahon has voluntarily stepped back from his responsibilities as CEO and Chairman of the Board until the conclusion of the investigation. 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."
The statement also confirmed that McMahon's daughter had taken the roles of interim CEO and interim Chairwoman. The 45-year-old has long been involved in the family business, but stepped back three months ago as her husband, the legendary ' Triple H ', recovered from cardiac surgery.
"WWE and its Board of Directors take all allegations of misconduct very seriously," they added. McMahon himself, who has been embroiled in a string of controversies and lawsuits during his time with WWE, was also quoted in the statement.
“I have pledged my complete cooperation to the investigation by the Special Committee, and I will do everything possible to support the investigation," he said. "I have also pledged to accept the findings and outcome of the investigation, whatever they are."
Stephanie 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 marshalling the cooperation of the entire company to assist in the completion of the investigation and to implement its findings."
McMahon senior is infamous in WWE circles for writing himself into bizarre storylines, most notably during the 'attitude era' around the turn of the century. He was once even crowned Royal Rumble winner and later, the WWE champion.
The character 'Mr McMahon' was also 'killed' in a car explosion before resurfacing, and was found to have plotted the kidnapping of his daughter. Son Shane, 52, and wife Linda, 73, have also both been integral to the company both on and off camera.
In February 2014, the company launched its own online network. It currently boasts more than 1.5 billion subscribers.
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