World Wrestling Entertainment boss Vince McMahon announced Friday that he is retiring in the middle of an investigation in alleged misconduct by the flamboyant showman who turned a small wrestling company into a global entertainment business.
In a brief statement issued by WWE, McMahon said he will step down as the company’s president and CEO. He noted that he remains its majority shareholder.
McMahon temporarily stepped down as WWE CEO and President in mid-June during an investigation into alleged misconduct. Earlier this month, The Wall Street Journal reported that McMahon agreed to pay more than $12 million over the past 16 years to suppress allegations of sexual misconduct and infidelity.
“At 77, it’s time to retire. Thank you, WWE Universe. Then. Now. Forever. Together. #WWE #grateful,” he said. he wrote on Twitter.
There was no mention of the investigation in a statement from the Stamford, Conn.-based company. McMahon said his daughter, Stephanie, who was named interim CEO and president last month, will serve as president and share CEO duties with Nick Khan, who joined the company in 2020.
“Our global audience can take comfort in knowing that WWE will continue to entertain you with the same fervor, dedication and passion as always,” he wrote in the statement, thanking generations of WWE fans around the world.
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McMahon first stepped down from the top positions last month after the Journal reported at the time that she had agreed to pay $3 million to a former paralegal who she said sexually harassed her at work. He was supposed to continue to oversee WWE’s creative content during the companies’ investigation. But then the newspaper reported that McMahon had agreed to pay the significantly larger sum of $12 million.
Four women, all formerly affiliated with WWE, signed agreements with McMahon barring them from discussing their relationships with him, the Journal reported, citing people familiar with the deals and documents it reviewed. McMahon has said it is cooperating with the company’s investigation.
McMahon has been the leader and most recognizable face of WWE for decades. When he bought what was then the World Wrestling Federation from his father in 1982, wrestling matches took place in small venues and appeared on local cable channels.
The organization underwent a seismic transformation under McMahon with events like WrestleMania, a premium live production that draws millions of fervent viewers.
Revenue last year topped $1 billion for the first time, and the company has television deals with Fox and NBCUniversal. Last month it announced a multi-year expansion of its original programming partnership with A&E.
WWE stars have become crossover sensations, including Hulk Hogan, Dwayne “The Rock” Johnson, “Stone Cold” Steve Austin and John Cena.
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