WWE’s Vince McMahon steps aside as CEO during investigation

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World Wrestling Entertainment Inc. WWE, -3.64% Chief Executive Vince McMahon is stepping aside from that role as well as chairman during an investigation into a Wall Street Journal report that McMahon agreed to pay $3 million in hush money to a former employee over an alleged affair, the WWE announced Friday. In a release, the sports-entertainment company said 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, 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.” McMahon’s daughter, Stephanie, will serve as the interim CEO and chairwoman, WWE said.

This article was originally published by Marketwatch.com. Read the original article here.

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