Vince McMahon has stepped down as the CEO and chairman of the board of Stamford-based WWE, the company announced today.

WWE and its board of directors jointly released a statement saying, in part, "A special committee of the board is investigating 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."

In a press release, WWE says the special committee has appointed Stephanie McMahon to serve as interim CEO and interim chairwoman.

“I have pledged my complete cooperation 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,” Mr. McMahon says.

The release goes on to say, "WWE and its Board of Directors take all allegations of misconduct very seriously. The Independent Directors of the Board engaged independent legal counsel to assist them with an independent review. In addition, the Special Committee and WWE will work with an independent third-party to conduct a comprehensive review of the company’s compliance program, HR function and overall culture."

According to the Wall Street Journal, Mr. McMahon agreed to pay a secret $3 million settlement to a former employee he allegedly had an affair with.