Vince McMahon announces his retirement from WWE

Vince McMahon announced that he will be retiring from WWE while the company’s board of directors conduct a misconduct investigation.

“As I approach 77 years of age, I feel it is time to retire as Chairman and CEO of WWE,” McMahon said in a statement released by the sports-entertainment company. “Over the years, it has been a privilege to help WWE bring you joy, inspire you, excite you, surprise you and always entertain you. I want to thank my family for being instrumental in our success, and I also want to thank all of our past and present Superstars and employees for their dedication and passion for our brand. Most importantly, I want to thank our fans for letting us into their homes each week and being their choice of entertainment. I have the deepest appreciation and admiration for our generations of fans around the world who have liked, currently like and at times even love our form of sports entertainment.”

McMahon’s resignation comes after it was announced in June that he would be stepping down from his roles as Chairman and CEO of WWE amid an ongoing investigation into allegations that he paid millions of dollars to several women to keep quiet about alleged affairs and wrongdoing . The Wall Street Journal reported that McMahon ultimately paid a total of $12 million under the agreements. He has since remained on board as Head of Creative, but will now be leaving that role as well.

McMahon went on to say in his statement that his daughter Stephanie and WWE President Nick Khan would serve as co-CEOs after his departure, with Stephanie also serving as chair. She had been appointed interim CEO when her father initially resigned. McMahon has remained WWE’s largest shareholder since the company went public.

“Our global audience can rest assured that WWE will continue to entertain you with the same passion, dedication and passion it has always had,” McMahon continued. “I am extremely confident in the continued success of WWE and leave our company in the capable hands of an exceptional group of Superstars, employees and leaders – most notably, Chairmen and Co-CEO Stephanie McMahon and Co-CEO Nick Khan. As the controlling shareholder, I will continue to support WWE in any way I can. My personal thanks go to our community and business partners, shareholders and the Board of Directors for their guidance and support over the years. Then. Now. Forever. Together.”

The announcement will no doubt send shockwaves through the world of professional wrestling and the media in general. McMahon is a third generation promoter who took over WWE (then WWF) from his father Vince McMahon Sr. in the 1980s. He took professional wrestling to new heights, breaking with the traditional territorial model of years past and taking his company nationally and eventually globally. He is also known for his on-screen performances as the villainous Mr. McMahon, feuding with “Stone Cold” Steve Austin during WWE’s so-called Attitude Era.

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