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Vince McMahon, who recently stepped down as CEO of WWE after a barrage of misconduct allegations, has announced his retirement from WWE.
"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.
The Rock, Vince McMahon, John Cena and Michael Cole attend the WrestleMania 29 press conference at Radio City Music Hall April 4, 2013, in New York City. (Taylor Hill/Getty Images)
"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."
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In the statement, McMahon announced that his daughter, Stephanie, would take over as co-CEO along with current WWE President Nick Khan.
Vince McMahon attends a press conference to announce that WWE Wrestlemania 29 will be held at MetLife Stadium in East Rutherford, N.J. (Michael N. Todaro/Getty Images)
"Our global audience can take comfort in knowing WWE will continue to entertain you with the same fervor, dedication and passion as always," the statement continued. "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.
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"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."
WWE Chairman and CEO Vince McMahon speaks at a news conference announcing the WWE Network at the 2014 International CES at the Encore Theater at Wynn Las Vegas Jan. 8, 2014, in Las Vegas. (Ethan Miller/Getty Images)
McMahon's retirement comes following a July Wall Street Journal report that McMahon paid over $12 million in the past 16 years to "suppress allegations of sexual misconduct and infidelity."
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McMahon bought the company from his father in 1982 and turned it into the billion-dollar brand that it is today.
This is a breaking news story. Check back for updates.