Vince McMahon took the WWE to new heights throughout his career but today, his tenure with the company is officially coming to an end. McMahon announced that he would be retiring from the WWE, stepping down from his positions with the company that he held since the 1980s.
"As I approach 77 years old, I feel it’s time for me to retire as Chairman and CEO of WWE,” McMahon said in a statement. “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.”
The announcement of his retirement arrives on the heels of allegations of misconduct. A report from the Wall Street Journal alleged that he paid out upwards of $12M in hush money to women about alleged affairs and misconduct. Though he stated he was stepping down as the CEO and Chairman of the WWE at the time, his retirement removes him from his position as the head of creative, too.
"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," the statement said.
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