Stephanie McMahon

NEW YORK: Vince McMahon stunned the wrestling world at the weekend by announcing his immediate retirement from WWE, his departure coming amid an ongoing investigation into allegations of misconduct against the 76-year-old.

McMahon, who has owned WWE since 1982, will no longer serve as the company's chief executive and chairman.

McMahon's daughter, Stephanie McMahon, has been appointed WWE chairperson on a permanent basis after temporarily moving into the role last month. She will also act as the company's co-chief executive, alongside Nick Khan.