VINCE MCMAHON IS stepping down as chief executive and chairman of WWE during an investigation into alleged misconduct involving the long-time leader and public face of the organisation.

McMahon will continue to oversee the wrestling organisation’s creative content during the investigation, World Wrestling Entertainment said.

His daughter Stephanie will serve as interim CEO and chairwoman, the organisation added.

The Wall Street Journal recently reported that the board was investigating a 3 million dollar (€2.86 million) settlement McMahon paid to a departing female employee with whom he allegedly had a consensual affair.

“I have pledged my complete co-operation to the investigation by the special committee, and I will do everything possible to support the investigation. I have also pledged to accept the findings and outcome of the investigation, whatever they are,” McMahon said in a statement.

Until the conclusion of the investigation into recent allegations, I am honored to assume the role of interim Chairwoman & CEO. I love @WWE and all it continues to do to entertain billions around the world. https://t.co/E2MushpoSG

— Stephanie McMahon (@StephMcMahon) June 17, 2022

The employee, hired as a paralegal in 2019, has a separation agreement from January that prevents her from discussing her relationship with McMahon or disparaging him, the WSJ reported.

The board’s investigation, which started in April, found other, older nondisclosure agreements involving claims by former female WWE employees of misconduct by McMahon and John Laurinaitis, the head of talent relations at WWE, the WSJ reported.

Aside from the investigation into alleged misconduct by McMahon and Laurinaitis, WWE said the company and its special committee will work with an independent third party to perform a comprehensive review of its compliance programme, HR function and overall culture.