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

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

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

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

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

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

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

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

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

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Stephanie McMahon will share the CEO post with Nick Khan.

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