Vince McMahon announces retirement from WWE

Vince McMahon has announced his retirement as Chairman and CEO of WWE.

Last month, McMahon announced he was stepping back from the position while a Special Committee of the WWE board conducts an investigation into allegations of misconduct.

His daughter Stephanie McMahon was then named interim CEO and chairwoman. Stephanie will now serve as chairwoman and co-CEO alongside Nick Khan.

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In a statement, McMahon said: "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."

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"Our global audience can take comfort in knowing WWE will continue to entertain you with the same fervor, dedication, and passion as always," he continued.

vince mcmahon talks during the xfl press conference

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"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."

Earlier today (July 22), it was announced that McMahon's son-in-law Paul 'Triple H' Levesque has resumed his position as Executive Vice President of Talent Relations.

Catch up on Raw, Smackdown, NXT and all the big WWE action via the WWE Network or BT Sport. US viewers can access the WWE Network via Peacock.