World Wrestling Entertainment impresario Vince McMahon says he is retiring.
In a brief statement issued by the company Friday, McMahon said he is retiring as WWE’s chairman and CEO. He noted that he remains its majority shareholder.
McMahon’s announcement comes weeks after news emerged that WWE’s board was investigating settlements that McMahon reached with former female WWE employees with whom he had sexual relationships with.
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“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. 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 said in a statement.
“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. 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.”
Earlier this month, the Wall Street Journal reported McMahon agreed to pay more than $17 million over the past 16 years to suppress allegations of sexual misconduct and infidelity.
WWE’s board investigated McMahon after they received an anonymous tip via email that he had paid a AU$4.3 million hush money settlement to a former employee with whom he had an affair.
The email said that he had hired the woman as a paralegal to a $144,000 salary, and doubled it after the affair began.
The email then claims McMahon “gave her like a toy” to longtime WWE executive John Laurinaitis.
Allegations also came from a former wrestler, who alleged in 2018 that McMahon had coerced her into oral sex years ago.
McMahon had been accused of demoting the wrestler when she ended the relationship, and not renewing her contract when it came up.
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