Vince McMahon, the chairman of renowned WWE (World Wrestling Entertainment) has taken a step back from his duties as chairman. This is coming as the WWE board of directors set up an inquiry about him for improper behavior.
The inquiry mainly circles a purported $3m (£2.5m) settlement between Vince McMahon and an ex-worker with whom he had an affair.
The WWE had earlier announced on Friday that Mr. Chairman McMahon had taken a step back from his duties by choice. His daughter Stephanie McMahon, will be serving as temporary CEO and chairwoman for the time being.
McMahon is yet to respond directly to the allegations, however, he did release a statement promising his complete cooperation with the inquiry and to accept whatever the verdict of the findings may be. The WWE business has stated that the billionaire would keep his role and duties of the creative content of the WWE while the investigation was ongoing.
McMahon launched the WWE in the 1980s and has grown the company into a media giant with its weekly content shown in over 180 nations and approximately 30 languages. The WWE stock is publicly traded, but Mr. McMahon keeps most of its shares.