WWE Chair Vince McMahon announces retirement as company investigates his tenure

World Wrestling Entertainment Chairman and CEO Vince McMahon on Friday announced he would immediately retire as the organization investigates alleged hush payments he made to employees with whom he had relations.

“As I approach 77 years old, I feel it’s time for me to retire as Chairman and CEO of WWE," McMahon said, per the New York Post. "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."

The Wall Street Journal first reported in June that WWE was investigating McMahon for allegedly paying $3 million in hush money to a former employee to keep quiet about their affair. He alleged made combined payments of $12 million to four different women, the Journal later reported.

McMahon, the company's majority shareholder, will be succeeded by his daughter, Stephanie, and Nick Khan, who will serve as Co-CEOs, he said, adding that “Our global audience can take comfort in knowing WWE will continue to entertain you with the same fervor, dedication, and passion as always."

"As the majority shareholder, I will continue to support WWE in any way I can," he asserted. "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 made no mention of the investigation or the alleged payments in his statement.