Vince McMahon announced that he will be retiring from WWE amid the ongoing misconduct investigation by the company’s board of directors.
“As I approach the age of 77, I feel it is time to step down as chairman and CEO of WWE,” McMahon said in a statement released by the sports entertainment company. “Over the years, it has been a privilege to help WWE bring you joy, inspire you, excite you, surprise you and always entertain you. I would like to thank my family for being a powerful contributor 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’d like to thank our fans for letting us into your homes every week and being your entertainment of choice. I have the deepest gratitude and admiration for our generations of fans around the world who have enjoyed, currently enjoy and sometimes even love our form of sports entertainment.”
McMahon’s retirement comes after it was announced in June that he would be stepping down as WWE chairman and CEO amid an ongoing investigation into allegations that he paid several women millions of dollars to keep quiet about alleged affairs and misconduct. The Wall Street Journal reported that McMahon eventually paid a total of $12 million as part of the settlements. He remained on board as chief creative officer ever since, but will now step down from that role as well.
McMahon said in his statement that his daughter Stephanie and WWE president Nick Khan will serve as co-CEOs when he leaves, with Stephanie also serving as president. She had been named interim CEO when her father initially stepped down. Since taking the company public, McMahon remains WWE’s largest shareholder.
“Our global audience can take comfort in knowing that WWE will continue to entertain with the same fervor, dedication and passion as always,” McMahon continued. “I am extremely confident in the continued success of WWE and leave our company in the capable hands of an extraordinary group of superstars, employees and executives, in particular, both Chairman 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 over the years. Then. Now. Forever. Together.”
The announcement will no doubt send shock waves through the pro wrestling world and the media in general. McMahon is a third-generation promoter, having taken over the WWE (then WWF) from his father, Vince McMahon Sr., in the 1980s. He took pro wrestling to new levels, breaking away from the traditional territory model of years past and taking his company national and eventually global. He also became known for his screen appearances as the villain Mr. McMahon, who famously feuded with “Stone Cold” Steve Austin during WWE’s so-called Attitude Era.
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