The news follows an investigation into McMahon paying millions of dollars in hush money to cover up alleged infidelity and misconduct with multiple women.
“As I approach 77 years old, I feel it’s time for me to retire as Chairman and CEO of WWE,” McMahon said.
Last month, a report in the Wall Street Journal said the company’s board was investigating McMahon for agreeing to pay a secret $3 million settlement to a former employee with whom he allegedly had an affair.
A new report from the Journal came out earlier this month that said McMahon paid more than $12 million to four women, including the one from the prior report, to cover up “allegations of sexual misconduct and infidelity.”
The longtime WWE boss agreed to step back from his role as chairman and CEO while the investigation was ongoing. His daughter, Stephanie McMahon and president Nick Khan will serve as co-CEO.
McMahon has said previously he is cooperating with investigators. His lawyer told the Journal that “WWE did not pay any monies” to the former employee “on her departure.”
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