Mr. Schell, who was elected to the WWE board last year, submitted his resignation on Wednesday, effective immediately, the company said Thursday in a securities filing. Mr. Schell resigned due to increased responsibilities he has from an expanded role at The North Road Company, a newly formed content studio, according to the filing.

"Mr. Schell's decision to resign from the Board was not due to any dispute or disagreement with the Company, its management or the Board on any matter relating to the Company's operations, policies or practices," the filing said.

Last month, Mr. McMahon, the public face of American wrestling, stepped aside as chief executive and chairman, a move that came days after The Wall Street Journal reported that the WWE board was investigating a secret $3 million settlement the longtime CEO agreed to pay to a departing employee with whom he allegedly had an affair.

WWE last month confirmed that a special committee of the board "is conducting an investigation into alleged misconduct" by Mr. McMahon and John Laurinaitis, head of WWE talent relations. The board appointed Stephanie McMahon, Mr. McMahon's daughter, as interim CEO.

source: marketwatch.com