Vince McMahon has announced his retirement from WWE amid an ongoing misconduct investigation by the company’s board of directors.
“As I approach the age of 77, I feel it is time to retire 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 would like to thank our fans for letting us into your homes every week and being your choice of entertainment. I have a deep 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’s retirement comes after it was announced in June that he would step down from his roles as WWE chairman and CEO amid an ongoing investigation into allegations that he paid out millions of dollars to multiple women to keep quiet about alleged affairs and misconduct. The Wall Street Journal reported that McMahon ended up paying a total of $12 million as part of the settlements. He has since remained on board as head of creative, but will now step down from that role as well.
McMahon went on to say in his statement that his daughter Stephanie and WWE President Nick Hahn will be co-CEOs after his departure, with Stephanie also serving as chairman. She was appointed interim CEO when her father initially stepped down. Since taking the company public, McMahon has remained WWE’s largest shareholder.
“Our global audience can take comfort in knowing that WWE will continue to entertain you with the same fervor, dedication and passion as always,” McMahon continued. “I am extremely confident in the continued success of WWE and I am leaving our company in the capable hands of an outstanding group of superstars, employees and executives – particularly both Chairman and Co-CEO Stephanie McMahon and Co-CEO Nick Hahn.” As a 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 shockwaves through the pro wrestling world and the media at large. McMahon is a third-generation promoter, having taken over the WWE (then WWF) from his father, Vince McMahon Sr, in the 1980s. He took professional wrestling to new heights by breaking away from the traditional territorial model of years past and making his company national and eventually global. He also became known for his on-screen appearances as the villainous character Mr. McMahon, who feuded with “Stone Cold” Steve Austin during WWE’s so-called Attitude Era.
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