Vince McMahon is retiring from WWE amid an investigation into misconduct allegations

• Vince McMahon is retiring as CEO and chair of WWE, he announced Friday.
• The announcement comes amid the board's investigation into misconduct allegations made against him.

Vince McMahon, who's led WWE with an iron fist for decades, announced on Friday he has retired from his role as CEO and chairman.

In his statement, he said that his daughter Stephanie McMahon and the company's president Nick Khan would serve as co-CEOs. Stephanie McMahon will also serve as chairwoman of the board.

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

McMahon had been in charge of WWE since 1982, when he took over what was then called WWF from his father.

McMahon departs amid probe into hush money payments

McMahon's retirement comes amid a special committee of the board's investigation into misconduct allegations against him.

The Wall Street Journal first reported last month that WWE's board was investigating payments McMahon made to former female employees, some of whom had accused McMahon of misconduct. The payments prohibited them from speaking out about the agreements, The Journal reported.

McMahon had voluntarily stepped back from his CEO and chairman responsibilities last month after the company announced the board's investigation into the alleged hush payments, though he was still overseeing creative content. Stephanie McMahon had stepped in as interim CEO.

McMahon's full statement is below: