Vince McMahon, the chairman and chief executive of World Wrestling Entertainment, announced on Friday that he had retired, a month after stepping down from both posts.
McMahon's daughter, who was appointed interim chairwoman and chief executive last month, will continue to serve as chairwoman and co-chief executive with Nick Khan, who recently served as president and chief revenue officer of W.W.E. The board of W.W.E. was looking into a $3 million settlement that Mr. McMahon agreed to pay to an employee with whom he was said to have had an affair.
According to the Journal, the board's investigation found old nondisclosure agreements relating to the case of Mr. McMahon and another executive. A lawyer for Mr. McMahon told The Journal that the former employee did not make a claim of harassment against him.
Mr. McMahon said on Friday that it was time for him to retire.
He said in a statement that he would support W.W.E. in any way he could.
A representative for W.W.E. inquired about why Mr. McMahon was retiring.
After taking over the company from his father, Vince McMahon built it into a television and live- event business while playing a starring role in the entertainment. The New York Times referred to him as a broad-shouldered, insult-spewing narrator in the ring. Mr. McMahon received a star on the Walk of Fame.
The company generated more than $1 billion in revenue in 2011. W.W.E.'s programs are broadcast in 30 languages and are distributed through NBCUniversal and Fox Sports.
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