Stephanie McMahon steps down as chief of WWE

The World Wrestling Entertainment (WWE) co-chief executive officer Stephanie McMahon on Tuesday stepped down from her role, with her father Vince McMahon, the former CEO, being elected executive chairman.

As per Reuters, Nick Khan will serve as the new WWE CEO, the entertainment firm added.

Vince, 77, returned to the board last week and elected himself and two former co-presidents and directors Michelle Wilson and George Barrios to the board, and soon after, his daughter Stephanie announced her resignation in a statement posted on Twitter.

"I look forward to cheering on WWE from the other side of the business, where I started when I was a little kid, as a pure fan," she said.

Vince, who ran the company for four decades, said last week that the only way for WWE to fully capitalize on growing demand for content and live entertainment was for him to return as executive chairman.

The former CEO retired in July last year, as the company's CEO and chairman, following an investigation into his alleged misconduct. Later, WWE said that it found some unrecorded expenses tied to Vince.