WWE CEO Vince McMahon announced on Friday he was retiring amid a series of allegations of sexual misconduct against him, BBC News reports.
McMahon has spent several decades at the helm of the company, which was founded by his father, Vincent James.
In June, it was revealed that the WWE was pursuing an investigation into claims of sexual misconduct against him.
The Wall Street Journal reported earlier this month that McMahon, a married man, had paid more than $12 million to four women, all of whom had links to WWE, over the past 16 years to ensure allegations of sexual misconduct and extramarital affairs were kept under wraps.
The 77-year-old had previously stepped down from his role at WWE during the investigation into his conduct.
WWE and its Board of Directors jointly released a statement at the time which read: "WWE (NYSE: WWE) and the Board of Directors today announced that a Special Committee of the Board is conducting an investigation into alleged misconduct by its Chairman and CEO Vincent McMahon and John Laurinaitis, head of talent relations, and that, effective immediately, McMahon has voluntarily stepped back from his responsibilities as CEO and Chairman of the Board until the conclusion of the investigation.
"McMahon will retain his role and responsibilities related to WWE’s creative content during this period and remains committed to cooperating with the review underway."
The statement added that Vince's daughter has been named as his temporary replacement.
"The Special Committee has appointed Stephanie McMahon to serve as interim CEO and interim Chairwoman," it read.
Vince McMahon has also released a statement regarding the board's investigation, which states: "I have pledged my complete cooperation to the investigation by the Special Committee, and I will do everything possible to support the investigation.
"I have also pledged to accept the findings and outcome of the investigation, whatever they are."
Vince McMahon is currently married to Linda McMahon, who once served as the administrator of the Small Business Administration under President Donald Trump and who has also appeared alongside her family on WWE programming.
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