Vince McMahon Retires Amid Sex Scandal Inquiry.
Vince McMahon appears on WWE Monday Night Raw in Las Vegas in 2009.
Vince McMahon, the Chief Executive Officer and Chairman of World Wrestling Entertainment, announced his retirement this past Friday at the age of 77. In a late afternoon tweet, McMahon said, “At 77, it’s time for me to retire.” Following that, he expressed his appreciation to everyone in WWE.
McMahon resigned as CEO of the company a month ago, following allegations that he paid up to $12 million in hush money to former employees. The announcement was made today.
McMahon was quoted in a company statement as saying, “Throughout the years, it has been a pleasure to assist WWE in bringing joy, inspiring you, thrilling you, surprising you, and always entertaining you.”
He went on to thank his family, the current and former WWE Superstars who had competed for the company, and the fans who welcomed the WWE into their homes each and every week.
“Our global audience can take comfort in the knowledge that WWE will continue to entertain you with the same enthusiasm, dedication, and passion that they have always done,” McMahon says. “I am leaving our company in the capable hands of an extraordinary group of Superstars, employees, and executives, most notably Chairwoman and Co-CEO Stephanie McMahon and Co-CEO Nick Khan. I have complete faith in the WWE’s future success, and I leave our company in the capable hands of an extraordinary group of Superstars, employees, and executives. I will continue to help WWE in whatever capacity I am able. On a more personal note, I’d like to thank the community and business partners, shareholders, and Board of Directors for their leadership and support over the years. Then, now, forever, and always together”
McMahon is being investigated by WWE’s board of directors on allegations that he paid various women millions of dollars in exchange for their silence about his relationships and misconduct. McMahon is accused of inappropriate behaviour toward women in the allegations. During the investigation, WWE’s longtime CEO resigned from his positions as chairman and CEO of the company. Nick Khan, the corporation’s current president, and Stephanie McMahon, McMahon’s daughter, will take over as co-CEOs of the company.
McMahon purchased the company formerly known as the WWWF from his father, Vince McMahon Sr., in 1982. He gave it the name World Wrestling Federation (WWF), which it kept until 2002, and grew it into a global brand that is watched weekly in millions of homes around the world, with profitable pay-per-view events like Wrestlemania.
The company was able to achieve record revenues of $1.1 billion during the most recent fiscal year, thanks in part to the fact that large-scale public events were able to resume once the coronavirus epidemic began to fade.