After 40 years as the chairman and CEO of World Wrestling Entertainment, Vince McMahon has announced he's stepping down.
"As I approach 77 years old, I feel it's time for me to retire as chairman and CEO of WWE," McMahon said Friday afternoon. "Throughout the years, it's been a privilege to help WWE bring you joy, inspire you, thrill you, surprise you, and always entertain you."
McMahon's announcement comes amid accusations that he offered to pay millions of dollars in hush money to WWE employees and contractors who either had consensual affairs with him, or were victims of his unwanted sexual advances.
His daughter, Stephanie McMahon, and Nick Khan have been tapped to serve as the company's co-CEOs, McMahon says.