Vince McMahon Announces Retirement from WWE amid Sexual Misconduct Allegations

Vince McMahon announced his retirement from the company on Friday.

Vince McMahon @VinceMcMahon

At 77, time for me to retire. Thank you, WWE Universe.

Then. Now. Forever. Together. #WWE #thankful

After purchasing the company from his father in 1982, the figurehead of the company made it into a global phenomenon that is publicly traded on the New York Stock Exchange.

McMahon said in a statement that he and his daughter will take over as co-CEOs. She will be the chairwoman.

McMahon stepped down as chairman and CEO but remained as head of creative after the Wall Street Journal reported that the board of directors was investigating him for paying $3 million to a former paralegal in exchange for her silence about a sexual relationship between them

More information and analysis will be provided soon.