Vince McMahon retires from WWE amid scandal

Vince McMahon, longtime CEO and President of World Wrestling Entertainment, announced today that he will be leaving the company at the age of 77. He temporarily left the management of the company in the midst of the scandal.

The WWE Board of Directors is investigating McMahon over allegations that he paid millions of dollars to multiple women in exchange for silence about inappropriate relationships and behavior.

McMahon, whose departure is effective immediately, said in a statement released by the Stamford, CT-based company that his daughter Stephanie McMahon will serve as president and co-chief executive officer. The other co-CEO is Nick Khan, who joined WWE from CAA in 2020.

At 77, it’s time to retire.
Thanks, WWE Universe.
After. Now. Always together. #WWE #grateful

—Vince McMahon (@VinceMcMahon) July 22, 2022

McMahon took over WWE from his father in the early 1980s and transformed it into a global media empire with lucrative deals including NBCUniversal and Fox in the US and streaming of money and other money rights around the world. Last year, he struck a $ 1 billion deal to have his show absorbed by NBCU’s Peacock.

After the investigation came to light, he appeared on the Fox launch show. wwe friday night smackdown, Ratings shot up as the world watched to see if it would address the controversy. (He didn’t.) Programming includes struggle, raw Monday evening Y WWENXT. WWE Studios develop and produce series, documentaries and feature films with and without screenplay.

WWE is listed on the New York Stock Exchange. The stock rose slightly, just under 1%, in after-hour trading by about $ 70. He is the largest shareholder in the company.

In June, the Wall Street Journal reported that WWE’s board of directors was investigating McMahon for allegedly reaching a $ 3 million deal with a former employee with whom he would be having an affair. The company later confirmed the story and said it was also investigating alleged wrongdoing by WWE’s head of talent relations, John Laurinatis. He then appointed Stephanie McMahon as interim.

In July, the WSJ published another article claiming that McMahon had paid four women $ 12 million.

Here is his full statement:

“As I approach 77, I feel it is time to retire as WWE President and CEO. Over the years, it has been a privilege to help WWE bring joy, inspiration, excitement, amazement and always fun. I would like to thank my family for their tremendous contribution to our success and also all of our past and present Superstars and employees for their dedication and passion for our brand. Above all, I want to thank our fans for letting us into their homes every week and for their choice of entertainment. I deeply appreciate and admire our generation of fans around the world who love, currently love and sometimes love our sports entertainment.

“Our global audience can rest easy knowing WWE will continue to entertain them with the same enthusiasm, commitment and passion as ever.” I have great faith in WWE’s success and leave our company in the capable hands of an extraordinary group of superstars, employees and executives, including chairman and co-CEO Stephanie McMahon and co-CEO Nick Khan. As the majority shareholder, I will continue to support WWE in any way possible. I would like to personally thank our community, business partners, shareholders and the Board of Directors for their guidance and support over the years. After. Now. Always together”.

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