Vince McMahon at WrestleMania in April 2021. Apr 10, 2021; Tampa, Florida, USA; Chief Executive Officer of WWE Vince McMahon addresses fans during WrestleMania 37 at Raymond James Stadium. Mandatory Credit: Joe Camporeale-USA TODAY Sports

Less than a month after news surfaced that WWE Chairman and CEO Vince McMahon paid $7.5 million to a former WWE wrestler who accused him of coercing her into sex acts, WWE has made an announcement about Mcmahon’s future with the organization.

In a WWE news release, McMahon announced that he is retiring as Chairman and CEO of WWE, issuing the following statement:

“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.

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

It’s worth noting that the release specifies that McMahon is retiring as Chairman and CEO of WWE and not necessarily stepping away from WWE entirely. However, Brandon Ross reports that McMahon is “fully gone from WWE as an executive.”

Last month, McMahon temporarily stepped down as Chairman and CEO while the WWE board investigated a relationship between McMahon and a now-former employee, allowing his daughter Stephanie to take over as interim CEO. However, during that time, McMahon remained in charge of creative and even appeared on a SmackDown broadcast in character as “Mr. McMahon.”

This news came just hours after the WWE announced that Triple H would be returning to his executive role with the organization following a health scare.