Vince McMahon, the chairman and CEO of World Wrestling Entertainment who helped shape the company is retiring from his roles, he announced Friday.
McMahon’s retirement comes after the company’s board began investigating him and John Laurinaitis, WWE’s former head of talent relations, in April for alleged sexual misconduct.
McMahon temporarily stepped down from his responsibilities as CEO and chairman in June pending the conclusion of the investigation.
That same month, Laurinaitis, a former wrestler whose ring name was Johnny Ace, was placed on administrative leave as a result of the allegations.
Stephanie McMahon, became interim CEO and chairwoman when her father stepped back in June. She and WWE’s president, Nick Khan, will serve as co-CEOs, according to the statement.
In 1982, Vince McMahon purchased the company, which was still called the World Wrestling Federation, from his father, Vincent J. McMahon.
This month, the Wall Street Journal, which first broke the news of the WWE investigation, reported that Vince McMahon agreed to pay more than $12 million in payouts to four women formerly affiliated with the company to quell allegations of sexual misconduct and infidelity.
A representative for WWE did not immediately respond to The Washington Post’s request for comment.
McMahon said in a statement Friday that he would continue to “support WWE in any way I can.” He remains a majority shareholder.
“My personal thanks to our community and business partners, shareholders, and Board of Directors for their guidance and support through the years,” Vince McMahon said in the statement. “Then. Now. Forever. Together.”
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