Vince McMahon is no longer the WWE CEO and chairman, after he 'voluntarily' renounced his duties amid allegations of misconduct.
McMahon, 76, is currently the subject of a misconduct probe; he is accused of paying a departing female employee $3 million (£2.4m) to conceal an affair.
The allegation was made on Wednesday, 15 June, amid an investigation by the Wall Street Journal, which found documents detailing the affair.
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Stephanie McMahon will succeed her father in the role.
WWE said that McMahon is 'committed to cooperating with the review underway' and despite stepping down as CEO and chairman, he will continue in his duties with creative content.
The Wall Street Journal reports that the multi-million dollar settlement prevented the female employee from discussing her relationship with McMahon.
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The settlement allegedly took place in January 2022, with the woman initially being hired as a paralegal in 2019.
The employee initially began work on a salary of £81,480 ($100,000), CNN reports, but McMahon is said to have doubled this amount 'after beginning a sexual relationship with her.'
WWE said in a statement that the relationship between the pair was consensual. The Wall Street Journal added that this may not be the only non-disclosure agreement orchestrated by McMahon.
The former CEO and chairman has been married to his wife Linda since 1966 and the couple share two children, Shane and Stephanie.
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Bloomberg reports that McMahon is not the only employee accused of misconduct. The investigation also found that similar payments were made on behalf of the former wrestler John Laurinaitis, who has worked for WWE's talent relations department.
McMahon played a crucial role in the success of WWE, and he was behind its transformation from a regional operation to a publicly traded one worth millions.
He gave his first sit-down interview in years to The Pat McAfee Show at the start of 2022 and briefly discussed his successor.
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McMahon said: "If you built something, you should want it to grow and prosper, with or without a family member. The business is best for everyone.
"You have to look at family members as well as employees. You have to do what's right for the business."
UNILAD has reached out to WWE for comment.
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Emma Guinness