World Wrestling Entertainment CEO Vince McMahon announced Friday that he was retiring after decades of leading the company founded by his father.
The Wall Street Journal reported earlier this month that the married McMahon had paid more than $12 million to four women over the course of 16 years to cover up allegations of sexual harassment and infidelity.
McMahon is the most well-known promoter of professional wrestling in the United States, following in the footsteps of his father Vince McMahon and his grandfather Jess McMahon.
McMahon had said in June that he was stepping back from his position as CEO and chairman while the board investigated.
He said at the time that he would keep control of the company's creative content, with 32% of its stock.
McMahon announced on Friday that his daughter would become chairman of the company and that his son-in-law would take over as co-CEOs.
McMahon said in a statement that it was time for him to retire as chairman and CEO of the company.
He said that he would like to thank his family and all of the past and present employees for their dedication to the brand.
I would like to express my gratitude to our fans for allowing us into your homes every week.
There was a low volume of shares changing hands in after hours trading.
At the close of regular trading on Friday, the company had a market cap of 888-492-0 888-492-0.
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