Vince McMahon announced his retirement as chairman and CEO of World Wrestling Entertainment, a position he has held since the 1980s, amid an inquiry into sexual assault allegations.
VINCE MCMAHON TEMPORARILY STEPS DOWN FROM WWE AMID SCRUTINY OF ALLEGED HUSH MONEY PAYMENT
“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,” McMahon said in a statement through the WWE website.
McMahon has served as chairman and CEO of WWE since 1982, transforming the organization into an entertainment empire. On June 17, McMahon announced that he was temporarily stepping back from his position as CEO until the investigation into alleged misconduct was finished. His daughter, Stephanie McMahon, took over his position.
Beginning in March, WWE was made aware of sexual misconduct allegations against McMahon from a series of anonymous emails coming from someone claiming to know the victims. The CEO apparently paid $12 million to four women, previously affiliated with WWE, to cover up allegations of sexual misconduct.
In his statement announcing his retirement, Vince McMahon said co-CEOs Stephanie McMahon and Nick Khan would be taking over his responsibilities, though he would remain a majority stakeholder.
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On the same day, WWE announced the return of beloved wrestler Paul “Triple H” Levesque to WWE. Keeping his previous promise to stay away from getting back into the ring, however, Levesque will return only as an executive of talent relations “effective immediately,” a statement on WWE’s website read. His return follows a near-death experience last September, when a case of viral pneumonia escalated to heart failure.
Levesque is married to co-CEO Stephanie McMahon.
