The Motown mogul announced his retirement during the label's 60th-anniversary program at Detroit's Orchestra Hall.

Motown chairman Berry Gordy has announced his retirement. According to the Detroit Free Press, the music mogul told the local crowd he was retiring towards the end of a speech on Sunday night.

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"I have come full circle," he said. "It is only appropriate (to announce this) while here in Detroit, the city where my fairy tale happened with all of you."

Gordy stepped away from the publishing side of the business, but recently assisted in the production of the Broadway play Motown: The Musical in 2013, as well as Showtime's Hitsville: The Making of Motown.

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The speech took place at the label's 60th-anniversary awards ceremony, which also served as a benefit for the label's museum. There were performances from Doug E. Fresh and Big Sean as well as surviving members of the Four Tops and the Temptations.

SOURCE: Detroit Free Press