WWE chief retires amid probe in infidelity claims retires amid probe in infidelity claims

But he will remain WWE's majority shareholder.

McMahon said that his daughter Stephanie McMahon will take over as chairwoman and current WWE president Nick Khan will be taking over as co-CEOs.

He had stepped stepped down from his role as chairman and CEO in the wake of a report that revealed a WWE board investigation into a secret $3 million settlement given by McMahon to a former WWE paralegal to suppress sexual misconduct allegations.

In a statement issued by WWE on Friday, he said: "As I approach 77 years old, I feel it’s time for me to retire as Chairman and CEO of WWE. Our global audience can take comfort in knowing WWE will continue to entertain you with the same fervor, dedication, and passion as always."

"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," he said.

"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," he said.

(With UNI inputs)