For decades he felt like there was no way in hell that day would ever come.
Vince McMahon has stepped down as chairman and CEO of WWE, effective immediately, he announced on Saturday morning AEST, the NY Post reports
McMahon’s announcement comes weeks after news broke that the WWE board was investigating settlements McMahon made with former WWE employees with whom he had sex.
“As I approach the age of 77, I feel it is time to step down as President and CEO of WWE. Over the years, it has been a privilege to help WWE bring joy, inspire- te, excite, surprise and always entertain you.I would like to thank my family for contributing mightily to our success, and I would also like to thank all our superstars and employees past and present 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 choice. I have the deepest appreciation 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 said in a statement.
“Our global audience can take comfort in knowing that WWE will continue to entertain you with the same fervor, dedication and passion as always. I am extremely confident in WWE’s continued success and I am leaving our company in capable hands 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.”
McMahon’s daughter Stephanie McMahon had taken over as interim CEO as her father had stepped away from the role during the board’s investigation.
Vince McMahon had remained in charge of WWE creative, and it’s not immediately clear what will happen in that direction.
Earlier on Friday, WWE had announced that Stephanie McMahon’s husband, Paul “Triple H” Levesque, would resume duties as Vice President of Talent Relations.
In many ways, it’s impossible to imagine WWE without Vince McMahon at the helm. He has run the company since he bought it from his father in 1982, micromanaging every aspect of the business, from storytelling to corporate structure. He was also an on-air talent, both as an announcer and as an authority figure, “Mr. McMahon”, who was impossible to tell where the real man ended and the act began.
In June, the Wall Street Journal first reported that the WWE board was investigating McMahon after they received an anonymous email tip that he had paid a hush money settlement of A$4.3 million to a former employee with whom he had a relationship .
The email said he had hired the woman as a paralegal at a salary of $144,000 and doubled that after the affair began. Then, the email said, McMahon “gave her like a toy” to longtime WWE executive John Laurinaitis.
The Wall Street Journal later reported that it had been discovered that McMahon had paid a total of $17 million, over at least 16 years, to four different women with whom he had sex. One of the women, a former wrestler, alleged in 2018 that McMahon had coerced her into oral sex years ago. McMahon had been accused of degrading the wrestler when the relationship ended and not renewing her contract when it arose.
This article originally appeared in the New York Post and is reproduced with permission