Vince McMahon Steps Down as W.W.E. Head

Vince McMahon is in the middle of a corporate firestorm, but he still opened the company's wrestling telecast "Smackdown" on Friday.

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"It's a privilege as always to stand before you here tonight," McMahon said to the crowd in Minneapolis, Minnesota.

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McMahon told the audience that he was there to simply remind the crowd of the four words that make up the "WWE signature."

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"Those four words are 'then,' 'now,' 'forever,' and the most important word is 'together,'" he said. "Welcome to Smackdown!"

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The longtime chief of the wrestling company is being investigated by the company's board for agreeing to pay a secret $3 million settlement

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to a former employee he allegedly had an affair with, according to a Wall Street Journal report.

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On Friday morning, the company announced that McMahon has agreed to step away from his role as chairman and CEO while the investigation is ongoing.

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His daughter Stephanie McMahon will serve as interim CEO and chairwoman, the company said in a statement on Friday.

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