World Wrestling Entertainment (WWE) CEO and Chairman Vince McMahon has announced he will step down amid allegations of misconduct.
It comes a month after he was temporarily removed from office after an investigation into alleged misconduct was launched.
The Wall Street Journal reported earlier this month that McMahon had agreed to pay more than $12m (£9.9m) over the past 16 years to suppress allegations of sexual misconduct and infidelity.
He previously pledged to cooperate with the investigation but did not address the investigation in a statement released Friday.
His daughter, Stephanie McMahon, stepped in as interim head of WWE in June.
In announcing his retirement, he reiterated his support for the wrestling entertainment company and will remain the majority shareholder.
“As I approach the age of 77, I feel it is time to step down as President and CEO of WWE. Over the years, it has been a privilege to help WWE bring joy, inspire- te, excite, surprise and entertain you always. you,” he said.
“I am very confident in the continued success of WWE and am leaving our company in the capable hands of an extraordinary group of superstars, employees and executives.
“As the majority shareholder, I will continue to support WWE in any way I can.”
Image: In 2007, Vince McMahon got into a fight with Donald Trump
McMahon bought the WWE in 1982, transforming it from a regional player in a fragmented industry to a hugely lucrative global giant, posting $1 million in revenue last year.
The former wrestler used scripted matches, celebrity wrestlers and glitz to attract television audiences, with revenue boosted by pay-per-view events like Wrestlemania.
One of her iconic moments on screen was in 2007 when she started a fight with Donald Trump.
Despite originally wanting to wrestle the businessman-turned-president himself, the pair agreed to pick a representative to wrestle at WrestleMania 23, with the losing man shaving his head.
Dubbed the Battle of the Billionaires, McMahon’s wrestler Umaga lost to Trump’s representative Bobby Lashley, prompting the WWE boss to shave his head.
Household names such as Hulk Hogan, Dwayne “The Rock” Johnson, John Cena, Dave Bautista and Triss Stratus used WWE to boost their entertainment careers, with many making the transition to Hollywood after retiring from free wrestling
Image: McMahon’s wrestler was defeated and Mr Trump was able to shave his opponent’s head at Wrestlemania 23
However, the company also faced controversy under McMahon’s leadership, including allegations of steroid use in 1994 and accusations of poor workers’ rights by John Oliver in 2019.
WWE declined to comment on McMahon’s retirement and did not respond to requests for comment on the misconduct investigation.
The company’s shares are up 34% for the year as it benefits from returning audiences to its live events.