Vince McMahon, the previous WWE chief, is retiring. he stated in a assertion on Friday.

The information follows an research into McMahon paying thousands and thousands of bucks in hush cash to cover up alleged infidelity and misconduct with a couple of women.

"As I approach 77 years old, I feel it's time for me to retire as Chairman and CEO of WWE," McMahon said.

A new report from the Journal came out earlier this month that stated McMahon paid extra than $12 million to four girls,

including the one from the prior document, to cover up "allegations of sexual misconduct and infidelity.

The longtime WWE boss agreed to step returned as chairman and CEO while the research became ongoing.

His daughter, Stephanie McMahon, and president Nick Khan will serve as co-CEOs.