WWE Chairman and CEO Vince McMahon announces his retirement

Vince McMahon, the king of U.S. wrestling, retired as chief executive officer and chairman of World Wrestling Entertainment Inc.

WWE 0.62%▲ following disclosures by The Wall Street Journal of multiple payouts to women who had alleged sexual misconduct and infidelity.

In a news release, the 76-year-old executive said his daughter, Stephanie McMahon, and the company’s current president, Nick Khan, will take over as co-CEOs.

Ms. McMahon will serve as chairwoman.

“As the majority shareholder, I will continue to support WWE in any way I can,” Mr. McMahon said in a statement.