While I have been to many WWE live events throughout my lifetime, only a few times did I have the privilege of hearing that iconic “No Chance” theme hit the speakers and watching Vince McMahon strut his way down the ramp. Yesterday it was announced that he is retiring as World Wrestling Entertainment chairman and CEO.

Arguably the most important person in the history of wrestling is finally calling it quits. In a release from WWE, we know that his daughter Stephanie McMahon and current WWE president Nick Khan will be in charge as co-CEOs. Stephanie McMahon had been acting as interim CEO, will also be taking over as chairwoman.

Unfortunately for the big boss, he was forced to step down from his role in the company due to multiple Wall Street Journal reports that shined a light into McMahon throwing money at alleged misconduct. This included twelve million dollars that were given to four former WWE employees or contractors to silence them.

Last night on Smackdown, Stephanie McMahon opened SmackDown addressing the change. You can check out the clip that was posted on WWE’s YouTube below.

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Via ESPN we can also share with you a statement from Vince McMahon that was released yesterday to WWE investors.

“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,” McMahon said. “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.”

In what was probably a strategic move, it was also announced that Stephanie McMahon’s husband, Paul “Triple H” Levesque is returning to the WWE as head of talent relations.