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At the age of77, World Wrestling Entertainment's CEO and Chairman, Vince McMahon, made his retirement announcement on Friday.

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In a late-afternoon tweet, McMahon wrote, "At77, time for me to retire."

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The WWE community was then thanked.

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The announcement comes one month after McMahon resigned from his position as CEO amid claims that he gave former workers hush money worth up to $12 million.

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In a company statement, McMahon said, "It has been a privilege over the years to help WWE bring you joy, inspire you, thrill you, surprise you, and always entertain you.

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He continued by expressing gratitude to his loved ones, current and retired WWE superstars, and fans for welcoming the organisation into their homes each week.

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WWE will continue to thrill you with the same enthusiasm, dedication, and passion as always, McMahon assured the company's global audience.

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"I have complete faith that the WWE will continue to succeed, and I give over the reins to a remarkable team of Superstars, employees, and executives, including Chairwoman and Co-CEO Stephanie McMahon and Co-CEO Nick Khan.

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I would want to express my gratitude to the Board of Directors, stockholders, and corporate and community partners for their leadership and support throughout the years.

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The board of directors of WWE is looking into allegations that McMahon paid numerous women millions of dollars in return for their silence about his relationships and misbehaviour.

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The new corporate leaders will be Stephanie McMahon, the daughter of McMahon, and company president Nick Khan.

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In1982, McMahon acquired the former WWWF from his father, Vince McMahon Sr.

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He changed the name to the WWF, which it retained until2002, and created a worldwide brand that is shown every week in millions of homes and hosts profitable pay-per-view events like Wrestlemania.

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The business recently announced record revenues of $1.1 billion, in part due to the resurgence of major public events as the coronavirus outbreak subsided.

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