Vince McMahon announced his retirement as Chairman & CEO of World Wrestling Entertainment on Friday. McMahon, who turns 77 next month, ran the WWE for 40 years, succeeding his father in 1982.

"I would like to thank our fans for allowing us into your homes every week and being your choice of entertainment," McMahon said in a statement. "I hold the deepest appreciation and admiration for our generations of fans all over the world who have liked, currently like, and sometimes even love our form of Sports Entertainment."

McMahon’s retirement comes amid reports he paid upwards of $12 million to four women in a 16-year span to quiet allegations of sexual misconduct and infidelity. McMahon had stepped down from his role as chairman and CEO on June 17 after the Wall Street Journal reported the company was investigating a secret $3 million settlement to pay to an employee with whom he allegedly had an affair.

The WWE also announced that Paul Levesque, better known as Triple H, will resume his position as EVP, Talent Relations. The role was previously held by John Laurinaitis, who stepped down after he was also accused of misconduct.

Stephanie McMahon and WWE president Nick Khan have served as co-CEOs since the elder McMahon’s leave. As CEO, he increased the WWE’s exposure nationally and globally as well as participated in the entertainment provided.

"Our global audience can take comfort in knowing WWE will continue to entertain you with the same fervor, dedication, and passion as always," McMahon 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 — in particular, both Chairwoman and Co-CEO Stephanie McMahon and Co-CEO Nick Khan. 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."

This article originally appeared on USA TODAY: Vince McMahon retires as chairman and CEO of WWE