In a Wall Street Journal report earlier this month, it was revealed that Vince McMahon had paid more than $12 million to four women associated with the WWE to cover up claims of sexual misconduct and infidelity.
When the younger McMahon succeeded to his father's WWE control in 1982, he subsequently became the company's president and CEO
McMahon said in a statement, "As I approach 77 years old, I feel it’s time for me to retire as Chairman and CEO of WWE."
Nick Khan, the WWE president, and Stephanie McMahon, McMahon's daughter, will take over as co-CEOs.
It is expected that Stephanie will be the chairman of the pro wrestling giant.