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Long-time WWE chairman and CEO Vince McMahon announces retirement from company amid misconduct allegations

By Chris Cwik

Press Conference To Announce A Major International Event At MetLife Stadium EAST RUTHERFORD, NJ - FEBRUARY 16: Vince McMahon attends a press conference to announce that WWE Wrestlemania 29 will be held at MetLife Stadium in 2013 at MetLife Stadium on February 16, 2012 in East Rutherford, New Jersey. (Photo by Michael N. Todaro/Getty Images)

By Chris Cwik

(Warning: This story contains allegations of sexual misconduct.)

Long-time WWE chairman and CEO Vince McMahon is retiring from the company. McMahon, 77, and the company released statements announcing the retirement Friday.

McMahon kept the announcement short on Twitter, merely saying it was "time for me to retire."

In a statement released by the company, McMahon called it a privilege to entertain the fans for so many years. He thanked his family and "all of our past and present Superstars and employees." McMahon said the company was in good hands, specifically mentioning his daughter, Stephanie McMahon, and Nick Khan, both of who hold the title of Co-CEO.

Vince McMahon retires following misconduct allegations

McMahon stepped down from his position in June following reports of alleged misconduct. At the time, McMahon was accused of having a consensual relationship with a former employee. McMahon reportedly increased the woman's salary once the relationship turned sexual. He was also accused of giving the woman hush money so she wouldn't speak about the relationship. WWE decided to investigate those allegations, leading to McMahon stepping down.

McMahon appeared on "WWE Smackdown" that evening to rile up the crowd.

In July, a report emerged accusing McMahon of paying a total of $12 million to cover up various allegations of sexual misconduct. McMahon reportedly paid different sums to four women. McMahon was accused of paying two women hush money after alleged affairs, sending unsolicited nude photos and sexually harassing a female employee and coercing a former female wrestler to give McMahon oral sex and then retaliating against that wrestler when she resisted further sexual encounters.

McMahon's statements did not mention those allegations or the WWE investigation.

This story will be updated.

This article originally appeared on Yahoo Sports at https://sports.yahoo.com/long-time-wwe-chairman-and-ceo-vince-mc-mahon-announces-retirement-from-company-amid-misconduct-allegations-204740761.html

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