The professional wrestling world has been rocked following word that now-former WWE chairman Vince McMahon has announced his plans to retire.

The 76-year-old announced his retirement on Friday, July 22, via an official WWE release.

McMahon also mentioned that his daughter, Stephanie McMahon and current WWE president Nick Khan, will be taking over as co-CEOs for the WWE, ESPN reported.

It will be recalled that Stephanie McMahon was acting in an interim capacity before his father announced his plans to retire. Further, the 45-year-old will be taking over as chairwoman.

"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 stated in the release.

Stephanie McMahon and the WWE Universe would then give thanks to the 76-year-old monarch on the July 22 edition of WWE SmackDown.

These developments come not long after McMahon stepped down as the chairman and CEO of the WWE following reports of an ongoing investigation linking Vince McMahon to a secret $3 million settlement given by the WWE mogul to a former WWE paralegal employee.

Regardless, McMahon still worked as the head of the WWE creative team.

After the initial report of the Wall Street Journal, another report came out on July 8 regarding McMahon's improprieties.

It was reported that the board was investigating $12 million given to four former WWE employees or contractors to silence allegations about McMahon's sexual misconduct.

With the development, it remains to be seen if Stephanie McMahon and Nick Khan will be able to continue the success that Vince McMahon has done for professional wrestling.

McMahon leaves a complicated legacy, one rife with scandals, including charges that he provided his wrestlers with steroids levied against him by the United States government in 1994. A jury found the now-former WWE boss not guilty.

WWE Chairman and CEO Vince McMahon WWE Chairman and CEO Vince McMahon Getty Images | Ethan Miller