Vince McMahon Announces Retirement From WWE

40 years after he acquired the promotion from his father, Vince McMahon has announced his retirement from WWE. The company's new leadership will consist of Chairwoman and Co-CEO Stephanie McMahon and Co-CEO Nick Khan.

Vince McMahon said in a WWE press release:

"As I approach 77 years old, I feel it's time for me to retire as Chairman and CEO of WWE. 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.

"Our global audience can take comfort in knowing WWE will continue to entertain you with the same fervor, dedication, and passion as always. I am extremely confident in the continued success of WWE, and I leave our company in the capable hands of an extraordinary group of Superstars, employees, and executives – in particular, both Chairwoman and Co-CEO Stephanie McMahon and Co-CEO Nick Khan. As the majority shareholder, I will continue to support WWE in any way I can. My personal thanks to our community and business partners, shareholders, and Board of Directors for their guidance and support through the years. Then. Now. Forever. Together."

McMahon's future with WWE had been uncertain in recent weeks following a Wall Street Journal report that revealed the WWE Board were investigating a $3 million hush payment he made to a former employee over an alleged sexual relationship. A further report from the WSJ then revealed McMahon had paid more than $12 million over the last 16 years to "suppress allegations of sexual misconduct and infidelity."

After news of the $3 million hush payment broke, McMahon announced he would be temporarily stepping down as WWE Chairman and CEO while a Special Committee of the Board carried out their investigation. Now, McMahon is permanently stepping away, ending his career at 76-years-old.