Embroiled in controversy, WWE head Vince McMahon has announced that he is retiring from his long-time position as head of the World Wrestling Federation.
“As I approach 77 years old, I feel it’s time for me to retire as Chairman and CEO of WWE”, he said in a statement Friday. He went on to say that daughter Stephanie McMahon and WWE President Nick Khan would serve as co-CEO’s upon his departure, with Stephanie also serving as chairwoman.
McMahon’s retirement comes in the midst of an ongoing investigation by the company’s board of directors into accusations of sexual misconduct and infidelity. Payments reportedly in excess of $12M went to four women McMahon had allegedly had relationships with, in exchange for their silence. Despite the retirement, McMahon remains an interested party in what happens with the WWE, as he is majority share-holder, owning 92% of the WWE’s common stock.