Vince McMahon announces retirement from WWE amid hush money scandal

World Wrestling Entertainment impresario Vince McMahon announced Friday he is retiring amid an investigation into alleged misconduct involving the flamboyant showman who turned a small wrestling company into a worldwide entertainment business.

In a brief statement issued by the company on Friday, McMahon said he is retiring as WWE's chairman and CEO. He noted that he remains its majority shareholder.

McMahon stepped down temporarily as CEO and chairman of WWE in mid-June during an investigation into alleged misconduct. Earlier this month, the Wall Street Journal reported that McMahon agreed to pay more than $12 million US over the past 16 years to suppress allegations of sexual misconduct and infidelity.

"At 77, time for me to retire. Thank you, WWE Universe. Then. Now. Forever. Together. #WWE #thankful," he wrote on Twitter.

There was no mention of the investigation in the statement from the Stamford, Conn.-based company. McMahon said his daughter, Stephanie, who was named interim CEO and chairperson last month, will serve as chairperson and share CEO duties with Nick Khan, who joined the company in 2020.

"Our global audience can take comfort in knowing WWE will continue to entertain you with the same fervor, dedication, and passion as always," he wrote in the statement, thanking WWE's generations of fans all over the world.

McMahon first stepped aside from the top positions last month after the Journal reported at the time that he had agreed to pay $3 million US to a former paralegal who said he sexually harassed her on the job. He was supposed to continue overseeing WWE's creative content during the company's investigation. But then the newspaper reported that McMahon had agreed to pay the significantly larger sum of