Wrestling CEO Is Out Amid New Scandal

Stephanie McMahon will take over her father Vince McMahon's role as CEO and chairman of the WWE while board members investigate hush money payments he allegedly made to former employees. "Effective immediately, McMahon has voluntarily stepped back from his responsibilities as CEO and Chairman of the Board until the conclusion of the investigation," the company said Friday, per ESPN. "I have pledged my complete cooperation to the investigation" and will "accept the findings and outcome," said Vince McMahon, who will continue overseeing WWE's creative content. The WWE later tweeted that McMahon would appear live on Friday night's SmackDown, airing on Fox.

A source tells CNBC that he will address the scandal, including a reported $3 million payment to a former employee to cover up an alleged affair, "in character as his traditionally ruthless 'Mr. McMahon' role," with writers adapting a script that had been completed earlier in the week. The WWE didn't say whether John Laurinaitis, head of talent relations, would stay in his role. Both he and McMahon were accused of misconduct by female employees who signed NDAs, the Wall Street Journal reported Wednesday. "The Company and the Board do not expect to have further comment until the investigation is concluded," the WWE said, per CNBC. (More Vince McMahon stories.)