Vince McMahon, 76, Steps Down as WWE CEO During Sexual Misconduct Investigation

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WWE announced Chairman and CEO Vince McMahon would voluntarily step aside from his position amid allegations he paid a former employee $3 million to hide their affair.

In a statement, the professional wrestling and entertainment company said Vince's daughter, Stephanie McMahon, will serve as interim CEO and Chairwoman.

"I have pledged my complete cooperation to the investigation by the Special Committee, and I will do everything possible to support the investigation," Vince, 76, said in a statement published by WWE on Friday. "I have also pledged to accept the findings and outcome of the investigation, whatever they are."

WWE said Vince "will retain his role and responsibilities" related to "creative content" despite stepping away from his position as head of the company.

The development comes days after the Wall Street Journal reported WWE's board is investigating Vince over claims of sexual misconduct.

According to the outlet, an investigation by the company began in April after the board received an anonymous email notifying them of an alleged $3 million payment Vince paid a female paralegal to prevent her from discussing their alleged sexual relationship or making critical statements about him.

RELATED: WWE CEO Vince McMahon Allegedly Paid $3M to Former Employee to Hide Affair: Report

WSJ claimed that the parties signed the agreement in January, and Vince used personal funds to pay the woman.

WWE did not immediately respond to PEOPLE's request for comment.

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Stephanie now steps in for her father less than a month after announcing she would take a leave of absence from the company.

"I love this company and am committed to working with the Independent Directors to strengthen our culture and our Company," Stephanie said in the company's statement. "It is extremely important to me that we have a safe and collaborative workplace."

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"I have committed to doing everything in my power to help the 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," she continued.

According to WSJ, the first email sent to the company claimed Vince hired the paralegal at a salary of $100,000 and increased her pay to $200,000 when they began a sexual relationship.

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The message claimed the employee eventually left the company when she became "scared" following the payments to keep quiet.

A spokesperson for the company told WSJ that the relationship between Vince and the now-former employee was consensual.

The company said Vince will appear on Friday's taping of SmackDown at 8 p.m. ET on FOX.

If you or someone you know has been a victim of sexual abuse, text "STRENGTH" to the Crisis Text Line at 741-741 to be connected to a certified crisis counselor.

If you or someone you know has been sexually assaulted, please contact the National Sexual Assault Hotline at 1-800-656-HOPE (4673) or go to rainn.org.