Vince McMahon retires from WWE!
Under a cloud of serious sexual misconduct allegations, the promoter who built a pro wrestling show into a global entertainment empire announced his retirement on Friday.
He had temporarily stepped away from running the company amid a scandal.
— Vince McMahon (@VinceMcMahon) July 22, 2022
McMahon, after taking over from his father early 1980s transformed the WWE from its regional beginnings, into a publicly traded international enterprise with hundreds of employees in offices worldwide.
McMahon stepped down from his roles with WWE last month as the result of an internal investigation pending after allegations he had an affair with an employee and paid her $3 million to keep the matter secret.
Two weeks ago The Wall Street Journal reported that McMahon has paid more than $12 million to four women formerly associated with WWE over the past 16 years to keep quiet about affairs and alleged misconduct.
The report also includes a former female wrestler who claims he coerced her into oral sex.
McMahon’s exit is effective immediately.
In a statement issued by the Stamford, CT-based company said that his daughter, Stephanie McMahon, will be chairwoman and co-CEO. The other co-CEO is Nick Khan, who joined WWE from CAA in 2020.
Here is his complete statement:
“As I approach 77 years old, I feel it’s time for me to retire as Chairman and CEO of WWE. 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. 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.
“Our global audience can take comfort in knowing WWE will continue to entertain you with the same fervor, dedication, and passion as always. 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. 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. Then. Now. Forever. Together.”