It’s the end of an era in professional wrestling, as Vince McMahon has announced his retirement as chairman and CEO of WWE.
The move comes after multiple scandals involving McMahon, who turns 77 years old next month.
— Vince McMahon (@VinceMcMahon) July 22, 2022
“As I approach 77 years old, I feel it’s time for me to retire as Chairman and CEO of WWE,” McMahon said in a statement today. “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.”
McMahon’s daughter, Stephanie McMahon, will take over as chairwoman and co-CEO, while Nick Khan will also serve as co-CEO. Vince McMahon will remain as majority shareholder.
“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… As the majority shareholder, I will continue to support WWE in any way I can.”
Last month, The Wall Street Journal reported that WWE’s board was looking into a secret $3 million payment made to a female former employee who McMahon allegedly had an affair with. McMahon stepped down as WWE chairman and CEO, but kept his role as head of WWE creative. He even appeared on SmackDown the same day of the announcement.
ESPN later reported that last month’s demotion was done for optics.
The Wall Street Journal published another report concerning McMahon on July 8, stating that he was under investigation for another $12 million in hush money given to four former WWE employees or contractors in an effort to silence sexual misconduct allegations.
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