For decades, this day felt like there was no chance in hell.
Vince McMahon has retired as chairman and CEO of WWE, effective immediately, he announced on Saturday morning AEST. NY Post Reports.
McMahon’s announcement comes weeks after news broke that the WWE board was investigating settlements reached with former female WWE employees who had sex with them.
“As I approach the age of 77, I feel it is time for me to retire as Chairman and CEO of WWE. Over the years, it’s been a privilege to help WWE bring you joy, inspire, entertain, amaze and always entertain you. I want to thank my family for being a huge contributor to our success, and I want to thank all of our past and present superstars and employees for their dedication and passion for our product. Most of all, I want to thank our fans for letting us into your homes every week and being your entertainment of choice. I have the deepest respect and admiration for our fans around the world who have loved, loved and sometimes loved sports entertainment,” McMahon said in a statement.
“Our global audience can take comfort in knowing that WWE will continue to entertain you with the same passion, dedication and enthusiasm as always. I am very confident in WWE’s continued success, and I look forward to building our organization with an amazing group of superstars, employees and executives – especially Chairman and CEO Stephanie McMahon and Co-CEO I am stepping down as CEO, Nick Kahn. 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 over the years. Then. Now. Forever. Forever.”
McMahon’s daughter, Stephanie McMahon, took over as interim CEO after her father stepped down from the role amid the board’s investigation.
Vince McMahon remains WWE’s head of creative, and it’s not immediately clear what will happen in that direction.
Earlier on Friday, WWE announced that Stephanie McMahon’s husband, Paul “Triple H” Levesque, will continue as EVP of talent relations.
In many ways, WWE is unimaginable without Vince McMahon at the helm. In the year He has been leading the company since he bought it from his father in 1982 and has managed all aspects of the business from history to corporate structure. He was also an on-air talent, as a broadcaster and authority figure, “Mr. McMahon, who couldn’t tell where the real person ended and his acting career began.
in June, The Wall Street Journal As first reported, the WWE board is investigating McMahon after receiving an anonymous tip in an email that he paid a AU$4.3 million kickback to a former employee he had an affair with.
The email revealed that he hired the woman as a paralegal at a salary of about $144,000 and doubled that after the case began. Then the email said McMahon “gave her like a doll” to longtime WWE executive John Laurinaitis.
The Wall Street Journal It was later revealed that McMahon paid a total of $17 million to four different women over a period of at least 16 years. One of the women, a former wrestler, accused McMahon of forcing her to perform oral sex years earlier in 2018. McMahon was accused of demoting the fighter when they broke up and not renewing his contract when it was up.
This article originally appeared in The New York Post and is reproduced with permission.