Vince McMahon announces retirement from WWE amid hush money scandal
World Wrestling Leisure impresario Vince McMahon introduced Friday he’s retiring amid an investigation into alleged misconduct involving the flamboyant showman who turned a small wrestling firm right into a worldwide leisure enterprise.
In a short assertion issued by the corporate on Friday, McMahon mentioned he’s retiring as WWE’s chairman and CEO. He famous that he stays its majority shareholder.
McMahon stepped down briefly as CEO and chairman of WWE in mid-June throughout an investigation into alleged misconduct. Earlier this month, the Wall Avenue Journal reported that McMahon agreed to pay greater than $12 million US over the previous 16 years to suppress allegations of sexual misconduct and infidelity.
“At 77, time for me to retire. Thanks, WWE Universe. Then. Now. Without end. Collectively. #WWE #grateful,” he wrote on Twitter.
There was no point out of the investigation within the assertion from the Stamford, Conn.-based firm. McMahon mentioned his daughter, Stephanie, who was named interim CEO and chairperson final month, will function chairperson and share CEO duties with Nick Khan, who joined the corporate in 2020.
“Our world viewers can take consolation in understanding WWE will proceed to entertain you with the identical fervor, dedication, and keenness as all the time,” he wrote within the assertion, thanking WWE’s generations of followers all around the world.
McMahon first stepped other than the highest positions final month after the Journal reported on the time that he had agreed to pay $3 million US to a former paralegal who mentioned he sexually harassed her on the job. He was purported to proceed overseeing WWE’s artistic content material throughout the firm’s investigation. However then the newspaper reported that McMahon had agreed to pay the considerably bigger sum of $12 million US.
4 girls — all previously affiliated with WWE — signed agreements with McMahon that bar them from discussing their relationships with him, the Journal reported, citing individuals aware of the offers and paperwork it reviewed. McMahon has mentioned he’s co-operating with the corporate’s investigation.
McMahon has been the chief and most recognizable face at WWE for many years. When he bought what was then the World Wrestling Federation from his father in 1982, wrestling matches happened at small venues and appeared on native cable channels.
The group underwent a seismic transformation beneath McMahon with occasions like WrestleMania, a premium reside manufacturing that pulls tens of millions of fervent viewers.
Income final yr exceeded $1 billion US for the primary time and the corporate has tv offers with Fox and NBCUniversal. Final month it introduced a multiyear enlargement of its unique programming partnership with A&E.
WWE stars have grow to be crossover sensations, together with Hulk Hogan, Dwayne “The Rock” Johnson, “Stone Chilly” Steve Austin and John Cena.
