WWE Chairman Vince McMahon retires amid sexual misconduct allegations

STAMFORD, Conn. (WLNE) — World Wrestling Entertainment Chairman and CEO Vince McMahon announced on Twitter Friday that he is retiring.

Following McMahon’s tweet, WWE issued a formal statement from the now former Chairman of the Board.

“As I approach 77 years old, I feel it’s time for me to retire as Chairman and CEO of WWE,” said McMahon in the statement.

“Throughout the years, it’s been a privilege to help WWE bring you joy, inspire you, thrill you, surprise you, and always entertain you,” he continued.

According to the statement, McMahon’s daughter, Stephanie will take over as Chairwoman of the Board of Directors and she and Nick Khan will serve as CO-CEO’s.

“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,” the statement concludes.

The surprise announcement comes after a Wall Street Journal report which claimed McMahon paid out three women more than $12 million in non-disclosure agreements for allegations of sexual misconduct.

A previous report alleged McMahon also paid a former company employee $3 million to stay quiet about a sexual relationship.

McMahon took control of the company in 1982 from his father Vince McMahon Sr.

Following success in the late 90’s,  McMahon took the company public in 1999.