Vince McMahon, the man who took his father’s company from a regional promotion to a worldwide, multi-faceted entertainment company, has announced his retirement.
McMahon issued the announcement as he is under investigation for using hush money to conceal sexual relationships with various women. One recent allegation that came to light was McMahon paid $8 million to conceal a relationship with a former WWE Superstar that included accusations of retaliation and coercion.
McMahon will be retiring from all positions: his position as Chairman and CEO and the Head of WWE Creative.
In a press release through the company, McMahon said approaching the age of 77 is influencing his decision. Stephanie McMahon will serve as the full-time Chairwoman of WWE and serve as Co-CEO with Nick Khan. McMahon stated that he is still the majority shareholder and will “continue to support WWE in any way [he] can.”
You can read the full press release below.
VINCE MCMAHON RETIRES
STAMFORD, Conn., July 22, 2022 – Vince McMahon today released the following statement:
“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.
“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.”