WWE CEO Vince McMahon is retiring after decades of leading the company, and the timing couldn’t be more suspect. McMahon has made this decision amid allegations of sexual misconduct.
McMahon announced on Friday that he was fully retiring from the company originally founded by his father and one he has been in charge of for decades. In a statement released by the company via CBC, McMahon said, “As I approach 77 years old, I feel it’s time for me to retire as Chairman and CEO of WWE. 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.”
McMahon also announced that his daughter Stephanie McMahon and WWE President Nick Khan would take over as co-CEOS, and Stephanie will be the organization’s chairman. Vince McMahon will also no longer have any role involving creative content. This comes after it was revealed in June that the WWE was investigating allegations of sexual misconduct against McMahon.
The news became even more stressful for McMahon earlier this month when The Wall Street Journal reported that McMahon had paid more than $12 million to four women, all of who had been affiliated with the WWE, over the past 16 years to cover claims of sexual misconduct and infidelity. Once the probe began, McMahon said he was stepping back from his role as CEO and chairman while the investigation continued. He stated he would retain control over creative content at the company, but that has since changed.
McMahon took control over the WWE from his father, Vince McMahon Sr., in 1982. He turned what had been a regional promotion into an international, multi-billion-dollar phenomenon, making stars out of people like Hulk Hogan and Dwayne “The Rock” Johnson.
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