“As I approach 77 years old, I feel it’s time for me to retire as Chairman and CEO of WWE,” McMahon stated in a press release.
“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 famous in his assertion that he’s nonetheless the bulk shareholder.
Stephanie McMahon, Vince’s daughter, will act as CEO and chairwoman.
McMahon has been married to Linda McMahon, the WWE co-founder, since 1966.
Last month, McMahon “voluntarily stepped back” as WWE CEO and chairman throughout a board investigation into alleged misconduct with a former feminine worker. The professional wrestling tycoon allegedly paid a former paralegal $three million in “hush” settlement to cowl up their affair, The Wall Street Journal reported on the tiime.
The Wall Street Journal later reported that McMahon agreed to pay greater than $12 million over the previous 16 years to suppress allegations of sexual misconduct and infidelity towards 4 girls complete, all of whom had ties to the WWE.
The allegations of misconduct embrace one other affair, and McMahon sending unsolicited nude images of himself to a WWE contractor. A former wrestler additionally alleged McMahon coerced her into giving him oral intercourse. The former wrestler stated McMahon then demoted her and later declined to resume her contract when she resisted additional sexual encounters with him.
Until the announcement of his retirement on Friday, McMahon remained as head of inventive.