Vince McMahon retires from WWE amid misconduct allegations

(NEXSTAR) – After “voluntarily” stepping away from some of his responsibilities last month, Vince McMahon has announced his retirement from the WWE.

“As I approach 77 years old, I feel it’s time for me to retire as Chairman and CEO of WWE," McMahon wrote in a statement published by the WWE. "Throughout the years, it’s been a privilege to help WWE bring you joy, inspire you, thrill you, surprise you, and always entertain you. I would like to thank my family for mightily contributing to our success, and I would also like to thank all of our past and present Superstars and employees for their dedication and passion for our brand."

McMahon also thanked fans who continue to support the WWE by "allowing us into your homes every week."

"I hold the deepest appreciation and admiration for our generations of fans all over the world who have liked, currently like, and sometimes even love our form of Sports Entertainment."

McMahon's announcement comes just over a month after the WWE’s board of directors announced an investigation into both McMahon and John Laurinaitis, WWE’s head of talent relations, amid allegations that McMahon agreed to pay over $12 million to former employees with whom he had affairs, The Wall Street Journal reported.

Laurinaitis was also named in one of the allegations, according to an email from someone claiming to be a friend of one of the women, The Wall Street Journal reported, citing documentation and sources “familiar with the board inquiry.”

Amid the probe, McMahon stepped back from his duties as chairman and CEO, according to a press release issued in June. His daughter Stephanie McMahon was announced as the interim CEO and chairwoman.

Stephanie McMahon remains chairperson and co-CEO, according to Vince McMahon's most recent statements. Stephanie McMahon will share CEO duties with WWE President Nick Khan, McMahon said.

"As the majority shareholder, I will continue to support WWE in any way I can," McMahon continued. "My personal thanks to our community and business partners, shareholders, and Board of Directors for their guidance and support through the years. Then. Now. Forever. Together.”