WWE chief Vince McMahon to retire

World Wrestling Entertainment Inc's Vince McMahon said on Friday he will retire as the company's chief executive and chairman, barely a month after stepping back from those roles due to an investigation into his alleged misconduct.

McMahon was being investigated by the board for a secret $3 million settlement that he had agreed to pay to a departing employee with whom he allegedly had an affair, the Wall Street Journal had previously reported.

A spokesperson for WWE declined to comment.

The company, which produces and distributes weekly wrestling shows "Raw" and "Smackdown", had named his daughter Stephanie McMahon as the interim head.