World Wrestling Entertainment chairman Vince McMahon will step down from his role with the company amid an investigation into alleged misconduct.
In a brief statement issued by WWE, McMahon said he was retiring as the company's chairman and chief executive. He noted that he remained its majority shareholder.
McMahon stepped down temporarily in mid-June during an investigation into alleged misconduct.
This came after the Wall Street Journal reported agreed to pay $US3 million ($4.3 million) to a former paralegal who said he sexually harassed her on the job.
In July, the Wall Street Journal followed up with another report claiming McMahon agreed to pay more than $US12 million ($17.3 million) over the past 16 years to suppress allegations of sexual misconduct and infidelity to four women.
"At 77, time for me to retire. Thank you, WWE Universe. Then. Now. Forever. Together," he wrote on Twitter.
There was no mention of the investigation in WWE's statement.
McMahon said his daughter, Stephanie, would serve as chairperson and share chief executive duties with Nick Khan, who joined the company in 2020.
"Our global audience can take comfort in knowing WWE will continue to entertain you with the same fervour, dedication, and passion as always," McMahon wrote.
Four women — all formerly affiliated with WWE — signed agreements with McMahon that bar them from discussing their relationships with him, the Wall Street Journal reported, citing people familiar with the deals and documents it reviewed.
McMahon has said he was cooperating with the company's investigation.
McMahon has been the leader and most recognisable face at WWE for decades.
He purchased the company from his father in 1982, then called the World Wrestling Federation, when wrestling in the United States was territorially based.
The organisation underwent a seismic transformation under McMahon as he spread across the United States, and then globally.
Revenue last year exceeded $US1 billion ($1.4 million) for the first time and the company has television deals with Fox and NBCUniversal.
Last month it announced a multi-year expansion of its original programming partnership with A&E.
AP/ABC
