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Vince McMahon announced his retirement from World Wrestling Entertainment on Friday, leaving his roles as chairman and CEO amid an investigation into allegations that he paid millions of dollars to silence multiple women with whom he had affairs over the past 16 years.

McMahon tweeted the news, and WWE also issued an official statement.

“As I approach 77 years old, I feel it’s time for me to retire as Chairman and CEO of WWE,” he said. “Throughout the years, it’s been a privilege to help WWE bring you joy, inspire you, thrill you, surprise you, and always entertain you.”

In the statement, WWE said Stephanie McMahon and Nick Khan will serve as co-CEOs of the organization. Stephanie McMahon, Vince McMahon’s daughter, has been named chairwoman. Her previous title was chief brand officer.

Vince McMahon has owned the company, which previously was known as the World Wrestling Federation, since 1982. McMahon, who turns 77 on Aug. 24, is not selling his ownership stake.

“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 stepped aside on June 17 as WWE announced an investigation into his “alleged misconduct” was underway.

At the time, The Wall Street Journal reported that McMahon — who is married — agreed to a $3 million settlement with a former female employee, with whom he allegedly had an affair. The employee was hired as a paralegal in 2019.

Since then, additional reporting by the Journal revealed McMahon paid more than $12 million in an attempt to hide “allegations of sexual misconduct and infidelity.”

–Field Level Media