Vince McMahon said Friday that he is retiring.
According to the Wall Street Journal, the 76-year-old World Wrestling Entertainment Inc. executive agreed to pay more than $12 million over the course of 16 years to settle allegations of sexual harassment and infidelity. McMahon took a break from his role as CEO.
His daughter and co-CEO will run the company.
McMahon said it was a privilege to help the company bring joy, inspire you, thrill you, surprise you, and always entertain you. My family contributed a lot to our success.
The reign of McMahon at the wrestling organization is threatened by allegations of improper conduct.
According to people familiar with the deals and documents, the payments went to four women who signed agreements prohibiting them from talking about their relationship with McMahon. $7.5 million was paid to a former wrestler who said McMahon coerced her into having sex with him and demoted her.
Despite a number of controversies, McMahon remained at the top of his game for a long time.
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