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Vince McMahon announces retirement from WWE

Stephanie McMahon and Nick Khan have been named the new co-CEOs of the company.

One of the biggest announcements in the history of professional wrestling was made on Friday as it was revealed that Vince McMahon is retiring from WWE.

In a statement issued by WWE on Friday afternoon, McMahon announced that he's retiring as WWE's chairman and CEO. WWE has confirmed that McMahon is retiring from all of his roles, including no longer being WWE's head of creative.

McMahon will continue to be WWE's majority shareholder. Stephanie McMahon and Nick Khan are the new co-CEOs of the company. 

McMahon's full statement announcing his retirement is available below:

As I approach 77 years old, I feel it’s time for me to retire as Chairman and CEO of 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. Most importantly, I would like to thank our fans for allowing us into your homes every week and being your choice of entertainment. 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.

Our global audience can take comfort in knowing WWE will continue to entertain you with the same fervor, dedication, and passion as always. I am extremely confident in the continued success of WWE, and I leave our company in the capable hands of an extraordinary group of Superstars, employees, and executives – in particular, both Chairwoman and Co-CEO Stephanie McMahon and Co-CEO Nick Khan. As the majority shareholder, I will continue to support WWE in any way I can. 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.

McMahon's retirement comes amid a misconduct scandal that was first revealed by the Wall Street Journal. The WSJ reported last month that the WWE Board of Directors was investigating McMahon over a secret $3 million settlement that McMahon had paid out to a former employee who he allegedly had an affair with. In a follow-up story, the WSJ then revealed that McMahon had agreed to pay more than $12 million to four women over the past 16 years to "suppress allegations of sexual misconduct and infidelity."

McMahon had stepped away from his chairman and CEO roles during the Board of Directors' investigation but still was in charge of creative until now. Stephanie McMahon had been serving as interim chairwoman and CEO.

WWE also announced on Friday that Paul "Triple H" Levesque has been named the company's new executive vice president of talent relations.