Vince McMahon steps away from WWE CEO position; interim CEO named

[Liz]

Vince McMahon has stepped away from his WWE CEO responsibilities, per the latest joint release from WWE and its Board of Directors.

The Wall Street Journal's report about WWE investigating a secret $3 million settlement rocked the wrestling world. The report said McMahon paid a whopping amount to an ex-employee to keep mum about their affair.

A huge update on the investigation has now come out via WWE's Board of Directors. As per WWE's corporate website, McMahon has stepped down from his position as WWE CEO and Chairman. His daughter Stephanie McMahon has been named CEO and Interim Chairwoman. Check out the statement below:

"WWE and 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, 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 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 Special Committee has appointed Stephanie McMahon to serve as interim CEO and interim Chairwoman." [via the corporate WWE website]

Vince McMahon was WWE CEO for a long time and turned the company into a global media conglomerate during his run at the top. Under McMahon's leadership, WWE put down rival promotions one after the other. WWE's biggest victory came in March 2001 when McMahon purchased longtime rival WCW, ending the Monday Night War.

The allegations against McMahon were quite serious, and the WWE Universe reacted accordingly on social media. Fans were expecting serious consequences, and it didn't take long for WWE to make a big decision.

Sportskeeda will keep you updated on this massive development.