© Reuters. FILE PHOTO: Vince McMahon, the chairman of World Wrestling Entertainment, Inc. poses after his Hollywood Walk of Fame star was unveiled during a ceremony in Hollywood, California March 14, 2008. REUTERS/Fred Prouser

(Reuters) – WWE Inc said on Friday it launched an investigation into alleged misconduct by its longtime CEO Vince McMahon and appointed Stephanie McMahon as the company’s interim head.

The Wall Street Journal on Wednesday reported https://on.wsj.com/3xWYUfK the company’s board was investigating a $3 million settlement that McMahon agreed to pay to a departing employee with whom he allegedly had an affair, citing documents and people familiar with the inquiry.

The board has engaged an independent legal counsel to assist them with an independent review, the company said on Friday.