LAS VEGAS, NV - JANUARY 08: WWE Chairman and CEO Vince McMahon speaks at a news conference announcing the WWE Network at the 2014 International CES at the Encore Theater at Wynn Las Vegas on January 8, 2014 in Las Vegas, Nevada. The network will launch on February 24, 2014 as the first-ever 24/7 streaming network, offering both scheduled programs and video on demand. The USD 9.99 per month subscription will include access to all 12 live WWE pay-per-view events each year. CES, the world's largest annual consumer technology trade show, runs through January 10 and is expected to feature 3,200 exhibitors showing off their latest products and services to about 150,000 attendees. (Photo by Ethan Miller/Getty Images)
WWE CEO Vince McMahon will be stepping down during an investigation into alleged sexual misconduct.
As the the public face of the organization, McMahon will continue to oversee creative content throughout the investigation, said World Wrestling Entertainment on Friday.
Stephanie McMahon, daughter of Vince, will be interim CEO and chairwoman for the time being. She had been serving as the company’s chief brand officer prior to taking the temporary position.
WWE has been investigating an alleged $3 million payment from McMahon to a female employee after having an affair.
Since it began in April, the investigation has found other nondisclosure agreements for other female WWE employees due to misconduct by McMahon and John Laurinaitis, head of talent relations, who is also being investigated.
“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 prepared statement Friday.
McMahon has been the face of the organization since he purchased the franchise from his father in 1982. Since taking charge, the organization’s events are now held in professional stadiums, grown a hefty international following, and created WrestleMania, which draws in millions of eager watchers.
The company’s revenue last year was well over $1 billion, with deals with Fox and NBCUniversal and just recently announced a multi-year agreement with A&E.
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