Vince McMahon has retired as chairman and CEO of the WWE effective immediately amid an ongoing probe into millions in hush money allegedly paid out to stifle misconduct claims against him.
The resignation comes only weeks after a plethora of accusations that McMahon and other WWE executives paid out hush money in huge amounts to make allegations of misconduct go away. Two weeks ago, it was reported that McMahon was being accused of paying out more than $12 million in hush money.
Now, in a statement released on Friday, McMahon announced his retirement and appointed his daughter, Stephanie, to take over as chairwoman and co-CEO, the New York Post reported.
Stephanie will serve as co-CEO with Nick Khan, who joined the WWE in 2020 as president.
Vince McMahon, Stephanie McMahon, and Triple H attend the UFC 276 event at T-Mobile Arena on July 02, 2022, in Las Vegas, Nevada. (Jeff Bottari/Zuffa LLC)
“As I approach 77 years old, I feel it’s time for me to retire as Chairman and CEO of WWE. Throughout the years, it’s been a privilege to help WWE bring you joy, inspire you, thrill you, surprise you, and always entertain you,” McMahon said in his retirement announcement. “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,” he continued.
World Wrestling Entertainment Inc. Chairman Vince McMahon is introduced during the WWE Monday Night Raw show at the Thomas & Mack Center on August 24, 2009, in Las Vegas, Nevada. (Ethan Miller/Getty Images)
“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 – in particular, both Chairwoman 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,” McMahon’s statement concluded. “My personal thanks to our community and business partners, shareholders, and Board of Directors for their guidance and support through the years. Then. Now. Forever. Together.”
Daughter Stephanie had already stepped in as interim CEO when her father handed her the reins as the investigation into his hush money accusations began.
Vince McMahon has helmed the WWE since he bought the company from his father in 1982. He has involved himself at all levels from talent cultivator to storyline creator, to corporate leadership, and had also made himself an on-air character in the wrestling game to boot. The WWE has been indelibly tied to him for decades.
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