Vince McMahon Announces Retirement from WWE amid Sexual Misconduct Investigation
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Vince McMahon, CEO of World Wrestling Entertainment (WWE), is retiring from the organization a little over one month after stepping down from his CEO position amid an ongoing sexual misconduct investigation.
"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," McMahon, 76, began a statement via WWE, thanking his family, along with all of the company's "past and present Superstars and employees for their dedication and passion for our brand."
Continued McMahon: "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."
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"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," he concluded. "Then. Now. Forever. Together."
McMahon's announcement comes after the Wall Street Journal reported in June that WWE was investigating the influential CEO over claims of sexual misconduct.
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According to the outlet, an investigation by the company began in April after the board received an anonymous email notifying them of an alleged $3 million payment McMahon paid a female paralegal to prevent her from discussing their alleged sexual relationship or making critical statements about him.
The parties signed the agreement in January, and McMahon used personal funds to pay the woman, the WSJ article claimed.
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Earlier this month, the WSJ published another report that claimed McMahon paid $12 million to hide allegations of "sexual misconduct and infidelity" over the last 16 years.
McMahon allegedly made the payments to four women who were formerly affiliated with the company, WSJ reported, citing sources familiar with the agreements.
While he has not spoken about the allegations directly, McMahon said he would cooperate with WWE's Special Committee of the Board investigation into the allegations.
"I love this company and am committed to working with the Independent Directors to strengthen our culture and our Company; it is extremely important to me that we have a safe and collaborative workplace," he said in a statement last month. "I have committed to doing everything in my power to help the Special Committee complete its work, including marshaling the cooperation of the entire company to assist in the completion of the investigation and to implement its findings."
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McMahon has served as chairman and CEO of WWE (then called WWF, World Wrestling Federation) since the early 1980s, having taken over for his father, Vince McMahon Sr.
His daughter, Stephanie McMahon, will now serve as chairwoman and Co-CEO along with Co-CEO Nick Khan.
