Vince McMahon, ceo & chairman of World Wrestling Entertainment announced his retirement on  Friday at the age of 77.

McMahon tweeted that "At 77, time for me to retire." He then thanked the WWE universe."

The announcement comes a month after McMahon stepped down from his duties due to allegations.

The allegations were that the CEO paid up to $12 million in hush money to former employees.

Vince had purchased the company in 1982 from his father & played a vital role in turning it into a multi-million dollar empire.

The company was known as the World Wrestling Federation (WWF) back when he purchased it.

Since taking charge, McMahon drove the revenues of the company towards an upward trajectory.

He also made superstars out of several wrestlers by backing them through thick & thin & giving them a platform to shine.

His daughter Stephanie McMahon will now serve as the chairperson of the company.

Stephanie McMahon will share the CEO post with Nick Khan.