Vince McMahon Retires As WWE CEO Amid Alleged Sexual Misconduct Investigations

World Wrestling Entertainment CEO Vince McMahon announced on Friday that he is retiring after decades at the helm of the company founded by his father, a move that comes a month after WWE’s board of directors ruled. said he was investigating allegations of sexual misconduct against him.

Earlier this month, The Wall Street Journal reported that groom McMahon had paid more than $12 million to four women, all of whom were affiliated with WWE, over the past 16 years to cover up allegations of sexual misconduct and of infidelity.

McMahon is by far the most well-known promoter of professional wrestling in the United States, following in the footsteps of his father Vince McMahon Sr. and grandfather Jess McMahon, who were leading promoters of wrestling shows in the Northeast. is from the United States.

McMahon in June said he was stepping down as CEO and chairman of the Stamford, Connecticut-based WWE while the board’s investigation continues, installing his daughter Stephanie McMahon as CEO. acting

But he said at the time that he would retain control of the company’s creative content, of which he remains the majority shareholder, with about 32% of its shares.

On Friday, McMahon announced that Stephanie and WWE Chairman Nick Khan were taking over as co-CEOs and her daughter would become president of the company. McMahon will also no longer have any roles involving creative content.

“As I approach 77, I feel it is time for me to retire as Chairman and CEO of WWE,” McMahon said in a statement Friday.

“I want to thank my family for being such a powerful contributor to our success, and I also want to thank all of our past and present Superstars and employees for their dedication and passion for our brand,” he said.

“Most importantly, I’d like to thank our fans for allowing us into your home each week and being your choice of entertainment.”

McMahon’s wife, Linda, a former WWE CEO herself, served as the head of the Small Business Administration under President Donald Trump from 2017 to 2019.

Trump is inducted into the WWE Hall of Fame and, prior to becoming president, competed in company-sponsored wrestling shows.

In 2007, at WrestleMania 23 in Detroit, Trump and McMahon each chose a wrestler to “fight” on their respective behalf in what was dubbed “The Battle of the Billionaires.”

After Trump wrestler Bobby Lashley beat McMahon’s proxy Umaga, Trump used power clippers to shave McMahon’s head.

On the heels of Vince McMahon’s retirement announcement, WWE’s stock price did not change materially in after-hours trading, which saw low volume of shares change from hands.

As of the close of regular trading on Friday, WWE had a market capitalization of approximately $4.9 billion.

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