Vince McMahon retires from WWE

Vince McMahon, the chairman and CEO of World Wrestling Entertainment (WWE), is retiring.

The 77-year-old's retirement news came a while after the company's board began investigating him and John Laurinaitis, former head of talent relations, alleged sexual misconduct.

Vince temporarily stepped down as CEO and chairman in June. Laurinitis was also placed on administrative leave.

Vince's daughter, Stephanie McMahon, became interim CEO and chairman. Along with WWE's president Nick Khan, they will serve as co-CEOs.

WWE was ruled by McMahon for decades, taking professional wrestling to a national stage, making it a global phenomenon. Stars like Hulk Hogan, Dwayne "The Rock" Johnson, "Stone Cold" Steve Austin and John Cena, all became household names under his booking.

The Wall Street Journal first reported the company's investigation into a $3 million dollar settlement McMahon paid to a former employee, as "hush-money".

This month, however, WSJ reported that Vince agreed to pay more than $12 million to four women formerly affiliated with the company, to suppress allegations of sexual misconduct.