World Wrestling Entertainment CEO and chairman whilst the board of directors investigate claims of misconduct towards the executive, as announced by the company on Friday.
As per Variety, the board of WWE has launched an investigation into allegations that McMahon offered a USD 3 million settlement to a former female employee whom he had an affair with.
The WWE said that Stephanie McMahon, Vince's daughter, will assume the roles of Interim CEO and Interim chairwoman.
She is returning to the company after announcing her leave of absence as WWE brand officer last month to 'focus on her family.'
McMahon will continue on his role and responsibilities related to WWE's creative content during the investigation and remains "committed to cooperating with the review underway," the company said.
Meanwhile, the board also is investigating alleged misconduct by John Laurinaitis, WWE's head of talent relations.
Vince McMahon, in a statement, said, "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."
Stephanie McMahon said in a statement, "I love this company and am committed to working with the Independent Directors to strengthen our culture and our company.
Special Committee complete its work, including marshaling the cooperation of the entire company to assist in the completion of the investigation and to implement its findings."
"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,".
The company refrained from making any further comment on the matter until the investigation is concluded.