Vince McMahon Announces Retirement From WWE

Former WWE chairman and CEO Vince McMahon speaks at a news conference in 2014. (Photo: Ethan Miller via Getty Images)

Vince McMahon announced that he is retiring from WWE amid the ongoing misconduct investigation involving a female former employee.

“As I approach 77 years old, I feel it’s time for me to retire as Chairman and CEO of WWE,” McMahon said in a statement.

“Throughout the years, it’s been a privilege to help WWE bring you joy, inspire you, thrill you, surprise you, and always entertain you. I would like to thank my family for mightily contributing to our success, and I would also like to thank all of our past and present Superstars and employees for their dedication and passion for our brand. Most importantly, I would like to thank our fans for allowing us into your homes every week and being your choice of entertainment. I hold the deepest appreciation and admiration for our generations of fans all over the world who have liked, currently like, and sometimes even love our form of Sports Entertainment.”

McMahon noted in his statement that he is still the majority shareholder.

Stephanie McMahon, Vince’s daughter, will act as CEO and chairwoman.

McMahon has been married to Linda McMahon, the WWE co-founder, since 1966.

Linda McMahon and Vince McMahon attend the PowerWomen 2013 awards on November 14, 2013, in New York City. (Photo: Andrew Toth via Getty Images)

Last month, McMahon “voluntarily stepped back” as WWE CEO and chairman during a board investigation into alleged misconduct with a former female employee. The pro wrestling tycoon allegedly paid a former paralegal $3 million in “hush” settlement to cover up their affair, The Wall Street Journal reported at the tiime.

The Wall Street Journal later reported that McMahon agreed to pay more than $12 million over the past 16 years to suppress allegations of sexual misconduct and infidelity toward four women total, all of whom had ties to the WWE.

The allegations of misconduct include another affair, and McMahon sending unsolicited nude photos of himself to a WWE contractor. A former wrestler also alleged McMahon coerced her into giving him oral sex. The former wrestler said McMahon then demoted her and later declined to renew her contract when she resisted further sexual encounters with him.

Until the announcement of his retirement on Friday, McMahon remained as head of creative.

This article originally appeared on HuffPost and has been updated.

Related...

• Report: WWE Boss McMahon Paid Over $12 Million In Hush Money

• Vince McMahon Steps Down As WWE CEO During Misconduct Investigation