The World Wrestling Entertainment chairman and CEO, Vince McMahon, announced his retirement on Friday at the age of 77.
McMahon resigned from his position as CEO after being accused of paying up to $12 million in hush money to former employees. The announcement follows that resignation by one month.
He continued by expressing gratitude to his family, the present and previous WWE superstars, as well as the supporters, for welcoming the company into their homes each week.
The board of directors of WWE is looking into allegations that Vince McMahon bought the quiet of several women about his scandalous relationships by paying them millions of dollars. The veteran WWE executive left his position as CEO while the probe was ongoing.
The new corporate leaders will be Stephanie McMahon, the daughter of Vince McMahon, and company president Nick Khan.
In 1982, McMahon acquired the former WWWF from his father, Vince McMahon Sr. He changed the name to the WWF, which it retained until 2002, and created a worldwide brand that is shown every week in millions of homes and hosts profitable pay-per-view events like Wrestlemania.
The business recently announced record revenues of $1.1 billion, in part due to the resurgence of major public events as the coronavirus outbreak subsided.