Vince McMohan, after serving as the chairman and CEO of World Wrestling Entertainment (WWE) for 40 years, announced his retirement on Friday. The 77-year-old has been accused of paying more than $12 million over the past 16 years to suppress allegations of sexual misconduct and infidelity, the Wall Street Journal reports.

He posted a short and tweet statement on Twitter on Friday announcing his move.

“At 77, time for me to retire. Thank you, WWE Universe. Then. Now. Forever. Together. #WWE #thankful,” his tweet read. 

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McMahon bought the company in 1982 from his father. The founder and owner of Alpha Entertainment had stepped down as the CEO and chairman in mid-June during an an investigation into the alleged misconduct and the Journal reported at the time that he had agreed to pay $3 million to a former paralegal who said he sexually harassed her on the job.

 “Throughout the years, it’s been a privilege to help WWE bring you joy, inspire you, thrill you, surprise you, and always entertain you. I would like to thank my family for mightily contributing to our success, and I would also like to thank all of our past and present Superstars and employees for their dedication and passion for our brand,” McMahon said in a statement released by the sports entertainment company.

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He further thanked fans and expressed appreciation and admiration.

“Most importantly, I would like to thank our fans for allowing us into your homes every week and being your choice of entertainment. 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.”

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After McMahon stepped down, WWE named his daughter Stephanie interim CEO and chairwoman. The organization stated at the time that it will have no further comment until the investigation is over.